SYDNEY : Asian shares were mixed and the dollar stood tall on Friday ahead of a key U.S. jobs report as investors braced for more aggressive rate hikes from the Federal Reserve, while commodities took an overnight dive amid new China lockdowns.
Futures markets have priced in as much as a 75 per cent chance the Fed will hike by 75 basis points at its September policy meeting, compared with a 69 per cent probability a day earlier. On Thursday, the southwestern Chinese metropolis of Chengdu announced a lockdown of its 21.2 million residents, while the technology hub of Shenzhen also rolled out new social distancing rules as more Chinese cities tried to battle recurring COVID outbreaks.
Oil prices tumbled 3 per cent overnight before recovering some ground on Friday but were on track to post their worst weekly drop in four on fears COVID-19 curbs in China and weak global growth will hit demand.
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