Asian stocks drifted lower on Friday as a spate of rate hikes from policymakers in England, Norway and Switzerland pushed up global bond yields and revived fears of an imminent recession.
The dollar continued to benefit from risk aversion on concerns that higher interest rates could slow economic growth. Both oil and gold headed for weekly losses on fears of further rate hikes.
Mainland Chinese markets were closed for a public holiday. Hong Kong's Hang Seng Index plummeted 1.7 percent to close at 18,889.97 in catch-up trade as trading resumed after a holiday on Thursday.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.