Stocks are opening lower on Wall Street and Treasury yields are rising after more indications from the Federal Reserve that the central bank may need to raise interest rates much higher than many people expect to get inflation under control.
But those numbers, which came in better than analysts had expected, may not be enough to convince Fed officials to pull back on its expected rate hike at its meeting next month.
Japan’s benchmark Nikkei 225 shed 0.4% to finish at 27,930.57. Australia’s S&P/ASX 200 gained 0.2% to 7,135.70, after government data showed that the employment situation had improved in October from September. of mass testing many people alongside localized lockdowns and quarantines to eliminate the coronavirus entirely. Such restrictions have caused a supply crunch for some of Asia’s biggest manufacturers, denting economic growth.
The deficit, at 2.16 trillion yen , was the highest for the month of October since comparable data was first compiled in 1979, and came despite a solid growth in exports, which rose 25.3% last month to 9 trillion yen from a year ago. Among the products boosting exports were vehicles, medical products and electrical machinery, according to the ministry.
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