Asian stock markets are in a sea of red on Wednesday, following the broadly negative cues from global markets overnight, after hotter-than-expected U.S. inflation data raised concerns the Fed will even more aggressively hike interest rate at its upcoming policy meeting next week and triggered heavy selling at several counters from across various sectors. Asian Markets closed mostly higher on Tuesday.
The U.S. consumer inflation rose unexpectedly in the month of August, supporting expectations that the Federal Reserve will stick with a 75 basis-point rate hike this month. The report showed an unexpected monthly uptick in consumer prices as well as a smaller than expected slowdown in the annual rate of price growth.
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