The sell-off in the global markets overnight is dragging Asian stock markets mostly lower on Friday, as traders react to an escalation in tensions in the Middle East, and lingering worries about global economic slowdown and the outlook for interest rates. Global equities also came under pressure after bond yields once again retraced its highest closing level in over sixteen years. Asian markets ended mostly lower on Thursday.
In his speech at an Economic Club of New York luncheon, US Fed Chair Jerome Powell argued in prepared remarks that inflation is "still too high" and warned additional monetary policy tightening may be needed, citing recent data showing the resilience of economic growth and demand for labor.
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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.