Asian shares took a beating on Friday after a fresh salvo of hawkish remarks from Federal Reserve officials solidified expectations that U.S. interest rates could rise as soon as March, leaving markets braced for tighter monetary conditions.
"Everyone is really nervous right now. It's because everything is potentially going to come under pressure from aggressive Fed policy," said Kyle Rodda, a market analyst at IG in Melbourne.
U.S. inflation as measured by the consumer price index surged 7.0% in December, posting its biggest year-on-year increase in nearly four decades, data on Wednesday showed.In the bond market, yields on 10-year U.S. Treasury notes were at 1.720%, settling well off Monday's two-year highs, signalling investors' preference for the safety of government debt over volatile technology and growth stocks.
Separate data showed Japan's wholesale inflation rose 8.5% year-on-year in December, accelerating at the second fastest pace on record, a sign higher raw material and fuel costs are squeezing corporate margins.IG's Rodda said markets were facing a more persistent risk of growing demand for safe-havens, especially around key events involving U.S. central bank policy and U.S. data.
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