Asian stocks fell broadly on Monday as robust U.S. jobs data released on Friday fanned fears of more interest rate hikes to slow economic activity and cool inflation.
According to the Federal Reserve, a strong labor market would lead to excessive wage growth, which, in turn, would lead to inflation pressures.
Chinese and Hong Kong stocks slipped into the red after the Biden administration decided to postpone Secretary of State Antony Blinken's upcoming trip to China in response to the Pentagon's discovery of an alleged Chinese spy balloon that was later shot down.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.