Asian markets mostly fell Thursday as investors digested US inflation data that supported the case for another interest rate cut next month, while worries over the next Donald Trump administration continued to cloud optimism. Bitcoin eased just below the $90,000 level it broke for the first time Wednesday when it hit a record $93,462, with observers expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect. After a tough first half of the week for Asian investors, many are trying to get back into the game via bargain-buying, but concerns over another possible China-US trade war, and Beijing's economic woes, are weighing on confidence.
Wall Street provided a tepid lead after news that US consumer prices had picked up pace last month from September, which was in line with forecasts but highlighted the slow progress in bringing inflation under control. The figure lifted hopes that the Federal Reserve will cut rates again next month. "This is a business-as-usual print for the Fed.
Inflation is moving sideways on a year-on-year basis, but there is nothing in (the) report that would alarm the Fed," said Bank of America Global Research in a report. "A 25-basis-point cut in December firmly remains our base case." Still, officials at the US central bank trod a careful road.
Minneapolis Fed boss Neel Kashkari said: "Right now, I think that inflation is headed in the right direction. I've got confidence about that, but we need to wait." "We've got anothe.