Asian stock markets declined Friday after U.S. inflation edged higher, fueling unease about the outlook for the biggest global economy.
The Shanghai Composite Index CN:SHCOMP fell 1.4% and the Hang Seng HK:HSI in Hong Kong fell 0.9%.
Traders hope the data will persuade the Federal Reserve that inflation that peaked above 9% last year is under control and no more interest rate hikes are needed. Critics say Wall Street might have latched too early onto a belief that inflation is under control and the Fed’s rate-hiking cycle is finished. The Fed has said its decisions on possible additional increases will be based on inflation, hiring and other data.
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