Shares were lower in Asia on Friday after a late afternoon sell-off wiped out gains for stocks on Wall Street.
Tokyo’s Nikkei 225 NIK, -1.39% fell 1.5% after Toyota Motor Corp. 7203, -2.67% announced production cuts due to parts shortages.
The yield on the 10-year Treasury fell to 1.79% from 1.83% late Thursday. Investors are bracing for higher interest rates and stocks are headed for weekly losses in what has so far been a losing month. Oil prices also fell, with the U.S. benchmark crude future down 2.3%. On Thursday, a late-afternoon sell-off wiped out gains for stocks on Wall Street, sending major indexes deeper into losing territory for the year.
The Labor Department provided a disappointing update, reporting that the number of Americans applying for unemployment benefits rose to its highest level in three months as the fast-spreading omicron variant continued to disrupt the job market. The Fed is now expected to raise rates earlier and more often than it had previously signaled to fight inflation that is threatening the economic recovery. Supply chain problems and higher raw materials costs have prompted businesses to raise prices on finished goods, leading consumers to eventually rein in spending.
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