Asian stock markets are trading mostly lower on Friday, following the broadly negative cues from Wall Street overnight, as weak crude oil and bullion prices weigh on energy and materials stocks. Traders also pause to assess the impact of the proposed aggressive interest rate hikes by global central banks in their bid to reign in surging inflation. Asian markets ended mixed on Thursday.
The World Bank said the world could be edging towards a global recession as central banks are aggressively increasing interest rates to combat surging inflation. The US Fed is widely expected to deliver a third 75 basis-point rate hike when it meets next week.
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