Asian stock markets are trading mostly lower on Monday, following the mostly negative cues from global markets on Friday, amid concerns about slowing economic growth, soaring inflation and prospects of more interest rate hikes by central banks in the coming months. Traders also react to hawkish comments from US Fed officials ahead of annual Jackson Hole economic symposium in Wyoming this week. Asian markets closed mixed on Friday.
Recent comments from some Fed officials have indicated the central bank will continue to raise interest rates aggressively at its next meeting in September. St. Louis Fed president James Bullard said he expects a third straight 75 basis point interest rate hike in September. Meanwhile, Kansas City Fed president Esther George argued that the drop in inflation registered in July was not evidence the underlying problem was fixed.
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