- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
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Asian markets hurt as rate hike woes return to the fore
Trading was subdued in Asia on Thursday as the optimism that characterised recent sessions was dealt a blow by data showing a resilience among US consumers that gives the Federal Reserve room to keep hiking interest rates.
Two reports showing inflation easing in the world's top economy provided a springboard for world markets over much of the past week as investors took the readings to mean almost a year of monetary tightening was finally kicking in.
But on Wednesday the commerce department said retail sales jumped far more than expected last month, suggesting Americans are still able to weather the higher inflation and interest rate environment.
That was compounded by comments from a top Fed official that she did not see the bank stopping interest rate hikes, indicating she was willing to push borrowing costs above five percent, from the current 3.75 to 4.0 percent.
San Francisco Fed President Mary Daly told CNBC: "Somewhere between 4.75 and 5.25 seems a reasonable place to think about as we go into the next meeting.
"And so that does put it in the line of sight that we would get to a point where we would raise and hold."
"Pausing is off the table right now, it's not even part of the discussion. Right now the discussion is, rightly, in slowing the pace," she added.
Traders have for months grown increasingly fearful that the hawkish tilt by the central bank will cause a recession, and policymakers have made clear they are willing to keep lifting even if that means hurting the economy.
JPMorgan Chase said the United States would tip into a "mild" recession in 2023 owing to the rate increases, adding that it saw the Fed easing policy the following year in 2024.
"Every time equity and bond markets are thinking the Fed is done and start taking off in a rally, the Fed gets out and starts talking that back down again," Cheryl Smith, of Trillium Asset Management, told Bloomberg Television.
Hong Kong lost more than one percent, hit by profit-taking after a 14 percent surge between Friday and Tuesday, while there were also losses in Shanghai.
Still, observers said there were signs of optimism in Chinese markets after Beijing moved to ease some of its strict Covid restrictions and provide much-needed help to the property sector.
Tokyo, Seoul, Taipei, Mumbai and Bangkok also fell, though Singapore, Sydney, Wellington, Jakarta and Manila edged up.
The pound fell against the dollar as Britain prepares for what is expected to be a grim budget later in the day by Finance Minister Jeremy Hunt, who has flagged a jump in taxes and spending cuts.
The announcement comes a day after figures showed UK inflation spiked at 11.1 percent in October, the highest since 1981, as the country is hammered by a cost-of-living crisis.
- Key figures around 0710 GMT -
Tokyo - Nikkei 225: DOWN 0.4 percent at 27,930.57 (close)
Hong Kong - Hang Seng Index: DOWN 1.4 percent at 18,010.00
Shanghai - Composite: DOWN 0.2 percent at 3,115.43
Pound/dollar: DOWN at $1.1898 from $1.1914 on Wednesday
Euro/dollar: DOWN at $1.0389 from $1.0395
Dollar/yen: DOWN at 139.45 yen from 139.54 yen
Euro/pound: UP at 87.25 pence from 87.21 pence
West Texas Intermediate: DOWN 1.0 percent at $84.73 per barrel
Brent North Sea crude: DOWN 0.7 percent at $92.18 per barrel
New York - Dow: DOWN 0.1 percent at 33,553.83 points (close)
London - FTSE 100: DOWN 0.3 percent at 7,351.19 (close)
A.Levy--CPN