Markets fell in Asian trade Friday following another wave of losses in Wall Street as traders returned their focus to the Federal Reserve's plans to ramp up interest rates, while oil prices sank from their seven-year highs.
Angst about the bank's determination to fight surging inflation by removing its ultra-loose monetary policy is dealing a severe blow to the rally in global markets that has run virtually uninterrupted for nearly two years, leaving most markets in the red at the start of 2022.
Markets are now keenly awaiting the Fed's board meeting next week, hoping it will provide a clear idea about its timetable for policy normalisation. Adding to the selling was data showing a pick-up in US jobless claims and a far-weaker-than-expected reading on a key manufacturing index, which all suggest that while the Omicron Covid variant is less severe than feared, it is still causing concern.
The sell-off in equities was matched by sharp drops in the oil market, with both contracts down more than two percent each after data showed US stockpiles at an eight week high with gasoline supplies beating forecasts.
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