HONG KONG: Asian markets fell Thursday as a rally in oil ramped up inflation fears, with top officials warning of more pain to come as the Ukraine war continues to push prices up and put further pressure on the global economy.
Buyers on Wall Street were in retreat again after data showed US crude and gasoline stockpiles sank, just as the summer driving season begins and leading OPEC member demand would surge further as China reopens.
Adding to the gloom was the OECD’s sharp downward revision of its global growth outlook and doubling of its inflation forecast.
The glum mood was only slightly offset by ongoing optimism that Beijing’s tech crackdown was close to an end.
