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Asian Stocks up After US Inflation Fuels Rate Hike Fears | Business News

14Jul

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Asian Stocks up After US Inflation Fuels Rate Hike Fears | Business News

By JOE McDONALD, AP Business WriterBEIJING (AP) — Asian stock markets rose Thursday after higher U.S. inflation stoked expectations of more rate hikes that investors worry will chill economic growth.Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street futures edged lower. Oil prices advanced.Wall Street's benchmark S&P 500 index lost 0.4% on Wednesday after data showed U.S. consumer inflation accelerated to 9.1% in June over a year earlier from May's 8.6%. That was despite three rate hikes this year by the Federal Reserve.Investors worry aggressive action by the Fed and other central banks to cool inflation that is at four-decade highs might derail global growth.Political Cartoons“Growth fears are hitting the markets harder than inflation concerns,” said Stephen Innes of SPI Ass...

Biden Launches Indo-Pacific Trade Deal, Warns Over Inflation | Business News

By JOSH BOAK and AAMER MADHANI, Associated PressTOKYO (AP) — President Joe Biden on Monday launched a new trade deal with 12 Indo-Pacific nations aimed at strengthening their economies as he warned Americans worried about high inflation that it was “going to be a haul” before they feel relief. The president said he does not believe an economic recession is inevitable in the U.S.Biden, speaking at a news conference after holding talks with Japan’s Prime Minister Fumio Kishida, acknowledged the U.S. economy has “problems” but said they were "less consequential than the rest of the world has.”He added: “This is going to be a haul. This is going to take some time," even as he rejected the idea a recession in the U.S. was inevitable.The comments came just before Biden's launch of the Indo-Pacif...

Stocks Stagger Higher After Mixed Report on April Inflation | Business News

By STAN CHOE, AP Business WriterNEW YORK (AP) — Stocks are stumbling mostly higher on Wall Street Wednesday after inflation slowed last month but still came in worse than feared.The S&P 500 was 0.4% higher after waffling between gains and losses in early trading. The Dow Jones Industrial Average was up 315 points, or 1%, at 32,480, as of 11:49 a.m. Eastern time, and the Nasdaq composite was 0.5% lower as tech stocks again lagged the market.Wall Street has been transfixed on the nation's high inflation, and where it's heading, because it's causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic. The Fed has flipped aggressively toward raising interest rates after seeing high inflation last longer than it expected.Wednesday’s report from the U.S...