Asian markets retreat further as US data fans rate hike fears

A forecast-busting US services sector report dashed hopes that the Fed’s tightening cycle would end.

A spike in oil prices after Russia and Saudi Arabia extended output cuts has raised supply and inflation concerns.

The reading put further upward pressure on the dollar, with the yen particularly in focus as it sat at its weakest point for 10 months — when Japanese officials intervened in money markets last year to prop it up. Boss Jerome Powell has asserted that all decisions will be made based on how the data stacks up over the coming months.

“Currently, we are seeing the downside risk associated with positive growth news, especially when paired with investors fretting about the possible persistent inflationary impacts of higher oil prices.”

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