Hong Kong — Asian shares edged higher on Wednesday from close to two-year lows hit in the previous session and the dollar held steady, ahead of keenly awaited US inflation data that will offer a guide to how aggressively the US Federal Reserve will raise rates.
Strict curbs to combat the coronavirus have weighed on China’s economy. On Tuesday, 41 Chinese cities were still implementing full or partial lockdowns or some kind of district-based control measures, estimates by Nomura analysts showed. The Fed last week raised its target for overnight bank-to-bank lending by a half a percentage point, and chair Jerome Powell said two more such rate hikes are likely at the US central bank’s coming policy meetings.
They also predict an annual increase of 8.1%, 0.4 percentage point lower than the prior 8.5%, which was the hottest reading since December 1981.
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