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Asian stocks fell for a fourth consecutive day as stronger-than-expected US jobs data dampened expectations for Federal Reserve interest-rate cuts, while oil prices surged to a four-month high following new US sanctions on Russia's oil industry. The MSCI Asia Pacific Index dropped 1.1%, with significant declines in Hong Kong, Taiwan, and South Korea, as Chinese shares continued to slide despite record export figures. Meanwhile, the dollar strengthened against major currencies, and bond yields rose in response to the shifting market dynamics.
European Central Bank Governing Council member Olli Rehn indicated that a December interest-rate cut is likely, with potential for further reductions. He noted that disinflation in the euro area is progressing well, while the growth outlook appears to be weakening, reinforcing the case for a rate cut.
Olli Rehn, a member of the European Central Bank Governing Council, indicated that the euro-area's weakening growth could heighten disinflationary pressures. He noted that while disinflation is progressing, there are concerns about the potential for inflation to undershoot targets.
Olli Rehn
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