Asian markets fall again as traders eye more rate hikes

AFP :
Equity markets sank Friday and oil extended a sharp selloff after a string of interest rate hikes by central banks revived worries about the global economy.
Eyes are also on Tokyo after forecast-beating inflation figures fuelled speculation on whether the Bank of Japan will shift away from its ultra-loose monetary policy that has dragged on the yen.
The optimism that characterised the first half of June — fuelled by hopes the Federal Reserve was close to the end of its hiking cycle — has given way to concern that officials still had several more in them as they battle stubborn price rises.
Last week’s decision to stand pat after 10 straight increases added to the sense of hope, but warnings Wednesday from boss Jerome Powell that more work was needed took the wind out of traders’ sails.
He told US lawmakers that two more this year was “a pretty good guess”.
His comments came as the Bank of England lifted rates more than expected, while officials in Switzerland and Norway also tightened.