Despite stubbornly high inflation, the Federal Reserve is still likely to cut interest rates later this year, according to Jeremy Siegel, a finance professor at the University of Pennsylvania’s Wharton School.[0] Precious metals such as gold and silver have seen some losses, while crude oil prices remain relatively unchanged.
Asian stock markets have been trading mostly in the red on Wednesday following mixed cues from Wall Street overnight.[1] Investors are closely monitoring the US inflation data, which accelerated in January but was in line with estimates, possibly dashing hopes of further interest rate cuts. On Tuesday, Asian markets closed mostly higher.[1]
In Hong Kong, the Hang Seng index dropped 1.23%, with the Hang Seng Tech index sliding 1%.[0] In mainland China, the Shenzhen Component and the Shanghai Composite both saw small losses. Despite the losses, the Mainland Properties Index rose 0.8% and the Hang Seng REIT Index declined by 4.2%.[2]
0. “Asia Markets Set to Open Lower After U.S. Inflation Comes in Higher Than Expected” NBC 10 Philadelphia, 14 Feb. 2023, https://www.nbcphiladelphia.com/news/local/asia-markets-set-to-open-lower-after-u-s-inflation-comes-in-higher-than-expected/3500299
1. “Asian Markets A Sea Of Red After US Inflation Data” RTTNews, 15 Feb. 2023, https://www.rttnews.com/3344079/asian-markets-a-sea-of-red-after-us-inflation-data.aspx
2. “Inflation, Geopolitical Outlooks Blunt Asian Stock Markets” msnNOW, 13 Feb. 2023, https://www.msn.com/en-us/money/markets/inflation-geopolitical-outlooks-blunt-asian-stock-markets/ar-AA17qaCL