- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
- Israel observes Yom Kippur amid firestorm over Lebanon strikes
- Trump demonizes migrants in dark, misleading speech
- X says 'alert' to manipulation efforts after pro-Russia bots report
- US, European markets rise before Boeing unveils sweeping job cuts
- Small Quebec company dominates one part of NHL hockey: jerseys
- Comoros shock Tunisia, Salah, Mbeumo strike in AFCON qualifiers
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Germany win in Nations League as 10-man Dutch rescue point
- Undav brace sends Germany to victory against Bosnia
- Israel says fired at 'threat' near UN position in Lebanon
- Want to film in Paris? No sexism allowed
- Ecuador's last mountain iceman dies at 80
- Milton leaves at least 16 dead, millions without power in Florida
- Senegal set to announce breakaway development agenda: PM
- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
- Tears, warnings after Japan atomic survivors group win Nobel
Asian markets tumble on Wall street rout, pound slumps
Asian equities tumbled Friday following a rout on Wall Street fuelled by worries over rising interest rates and surging inflation, while the pound extended losses the day after taking a beating on fears of a UK recession.
Global markets have been battered this year by a series of crises including surging inflation, rising interest rates, China's economic slowdown and the war in Ukraine.
There was some relief after the Federal Reserve on Wednesday lifted borrowing costs 50 basis points -- the most since 2000 -- but suggested a feared 75-point lift was not on the agenda for now.
However, US traders ran for the hills Thursday as they contemplated a period of fierce monetary tightening by the US central bank as it struggles to contain inflation running at a more than 40-year high.
The Nasdaq -- dominated by tech firms particularly sensitive to higher rates -- lost five percent, while the Dow and S&P 500 fell more than three percent.
"Valuations become even more sensitive, very sensitive, when rates are going up and that is what we are experiencing," Kristina Hooper, at Invesco, told Bloomberg Television.
"It’s just getting exacerbated as we get into the thick of monetary-policy tightening in the US."
That sell-off filtered through to Asia, where Hong Kong tanked more than three percent as tech firms took a hit. Meanwhile, the European Chamber of Commerce in the city called the finance hub's stringent pandemic travel restrictions and frequent flight bans a "nightmare" for businesses.
The remarks come a week after the Australian Chamber of Commerce recommended that Hong Kong follow the lead of Singapore or Japan by lowering quarantine requirements for business travellers.
Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei and Manila also tanked. However, Tokyo ended the morning slightly higher.
Adding to the selling pressure was ongoing weakness in China's economy caused by strict lockdowns and other containment measures as officials struggle to bring a Covid flare-up under control by sticking to a zero-Covid policy.
Various districts in Beijing told residents on Thursday to work from home, while Shanghai, the biggest city in the country, remains essentially shut down.
On currency markets the pound continued to struggle a day after plunging more than two percent in reaction to the Bank of England's updated forecast that warned annual inflation would top 10 percent and the economy would contract later this year.
Crude rose after key oil producers led by Saudi Arabia and Russia refused to lift output more than their planned marginal increase as they weighed tight supply concerns caused by the Ukraine war.
"OPEC's inability to ramp up production when desperately needed by the market is compounding an already dangerous supply deficit," said Stephen Innes, of SPI Asset Management
"This means geopolitical tensions will remain high, and while there are some demand-side risks at the moment, it seems likely that the threat of supply disruption will be the dominant driver at this time," he said.
- Key figures at around 0230 GMT -
Tokyo - Nikkei 225: UP 0.1 percent at 26,850.53 (break)
Hong Kong - Hang Seng Index: DOWN 3.3 percent at 20,102.87
Shanghai - Composite: DOWN 1.5 percent at 3,020.33
Brent North Sea crude: UP 0.5 percent at $111.46 per barrel
West Texas Intermediate: UP 0.4 percent at $108.74 per barrel
Euro/dollar: DOWN at $1.0525 from $1.0540 on Thursday
Pound/dollar: DOWN at $1.2348 from $1.2353
Euro/pound: UP at 85.23 pence from 84.13 pence
Dollar/yen: UP at 130.68 yen from 129.23 yen
New York - Dow: UP 2.8 percent at 34,061.06 (close)
London - FTSE 100: UP 0.1 percent at 7,503.27 (close)
X.Karnes--AMWN