Asian markets will be waking up to a jolt of central bank rate hikes and looking ahead to a big round of macro data on Friday.
The Bank of England surprised many investors on Thursday by raising interest rates by a bigger-than-expected half a percentage point, lifting its main interest rate to 5%, the highest since 2008.
England wasn't alone: The Swiss National Bank raised its policy rate and signaled more tightening was likely, while Norway's central bank raised its key policy rate to a 15-year high.
In the U.S., Federal Reserve Chair Jerome Powell told a Congressional hearing that the central bank would move interest rates at a "careful pace" from here after pausing hikes at its last meeting.
The mood could shift on Friday, as data will give a glimpse into how much central bank tightening is weighing on global growth.
Persons:
Lewis Krauskopf, England wasn't, Jerome Powell, Deepa Babington
Organizations:
Bank of England, Swiss National Bank, Reuters Graphics Reuters, Nasdaq, U.S, Global, Japan CPI, Singapore CPI, Reuters, Thomson
Locations:
Lewis, U.S, England, Europe, United States, Japan, Malaysia, Singapore