Most markets up, but more pain seen - News Summed Up

Most markets up, but more pain seen


HONG KONG: Equities rose in most Asian cities on Tuesday as some stability returned to markets after last week's upheaval, but analysts warned of further pain for traders after central bank officials hinted at more interest rate hikes to reel in inflation. The Fed announced a three-quarter point lift last week after inflation data days earlier had smashed forecasts and hit a four-decade high. Several officials — including at the Fed, Bank of England, Reserve Bank of Australia and European Central Bank — have come out in recent days to flag a further tightening of borrowing costs. In commodities markets, oil extended gains as traders moved back in after Friday's plunge fueled by concerns over a possible recession. "The bottom line seems to be that until we see physical demand destruction, oil and other energy markets are as tight as ever," he added.


Source: Manila Times June 22, 2022 04:24 UTC



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