Asian stocks drop amid higher rates fear

By Agence France-Presse

Dec 17, 2022 12:08 am

HONG KONG: Asian stocks fell on Friday as investors contemplated interest rates going higher than expected for an extended period after central banks reaffirmed their commitment to bringing down inflation.

After a healthy rally in recent weeks fueled by signs that price rises were slowing, the US Federal Reserve and European Central Bank this week crushed any Christmas spirit by hiking borrowing costs again and warning of more pain to come.

DEEP DIVE A board on the floor of the New York Stock Exchange shows a steep decline on Thursday, Dec. 15, 2022 (December 16 in Manila), in New York City. Stocks fell over 700 points as investors reacted to news that the Federal Reserve will continue to raise interest rates to fight back against inflation. AFP PHOTO

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