Asian stock markets fell Friday while Europe opened higher after a Federal Reserve official suggested U.S. interest rates might have to be raised higher than expected to cool inflation.
London and Frankfurt advanced while Shanghai, Hong Kong and Tokyo declined. Wall Street futures were lower. Oil prices gained.
"Fed hawks continued to circle the wagons, repeatedly emphasizing their fight against inflation is far from done," said Stephen Innes of SPI Asset Management. The president of the Federal Reserve Bank of St. Louis reaffirmed the Fed's position. James Bullard suggested the Fed's key short-term lending rate may have to rise to between 5% and 7%.
Bullard's presentation follows reports showing inflation is starting to ease but still is hot as consumers keep spending amid a very strong jobs market.In Asia, the Shanghai Composite Index lost 0.6% to 3,097.24 and the Nikkei 225 in Tokyo sank 0.1% to 27,899.77. The Hang Seng in Hong Kong shed 0.3% to 17,992.54.
Investors also worry about the impact of Russia's war on Ukraine -- which has pushed up prices of oil, wheat and other commodities -- and increased anti-virus controls in China.
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