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Japanese Prime Minister Sanae Takaichi: The first half of oil supplies in May will come from outside the Strait of Hormuz.April 7th - At 1:20 PM local time today (April 7th), Tehran, the capital of Iran, was attacked again, with thick smoke rising from the explosion site. So far, Tehran has been hit by at least three rounds of attacks that day. Iranian government spokesman Mohammad Mohajrani stated that 218 health facilities in Iran have been attacked so far, resulting in the deaths of 24 medical personnel.On April 7th, BlackRock strategists stated in a report that the impact of high energy prices is likely to be reflected in the US March CPI data released on Friday. Economists surveyed by The Wall Street Journal generally expect the US March unadjusted CPI annual rate to rise to 3.3% from 2.4% in February. Strategists noted that the Middle East wars have created supply chain bottlenecks, which are expected to push up inflation.On April 7, following Moscows accusation that Ukraine attacked the Caspian Pipeline Union (CPC) oil terminal, the Kremlin on Tuesday forwarded inquiries to the terminals operator in the Russian port of Novorossiysk regarding its operational status. The Russian Ministry of Defense stated on Monday that Ukraine attacked facilities at the Novorossiysk ports transshipment terminal overnight, damaging a CPC mooring point and causing four refined oil storage tanks to catch fire. When asked about this, Kremlin spokesman Dmitry Peskov told reporters that Kyiv had attacked Caspian Pipeline Union infrastructure with drones, adding that they had done so before.The UK Maritime Trade Operations Office has received reports of an incident 25 nautical miles south of Kish Island, Iran.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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