Asian markets drift lower as US inflation data loom
Stock markets in Tokyo, Hong Kong, Shanghai, Sydney, Seoul and Taipei all drop on May 10, 2023, although Singapore, Wellington, Manila and Jakarta squeeze out gains. – EPA pic, May 10, 2023.
STOCKS extended losses in Asia today as traders awaited the release of US inflation data, with sentiment clouded by a range of issues including the debt ceiling standoff in Washington and banking sector uncertainty. After last week’s Federal Reserve interest rate hike and a forecast-beating jobs report, focus is lasered on the consumer price index reading later in the day, which will play a key decision-making role in the US central bank’s June policy meeting.
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