Asian Equity market traded lower on Friday as negative cues overnight from Wall Street as treasury yields spiked in reaction to the highly anticipated Federal Reserve Chair Jerome Powell's remarks, which failed to calm concerns about higher interest rates and inflation.
In Asia, the set composites surged 0.65% whereas the SGX Nifty lost 0.83%, kospi fell 0.57%, Jakarta composite plunged 0.51%, hang seng dived 0.47%, Taiwan weighted lost 0.32%, Nikkei 225 fell 0.23%.
European equity market were lower on Friday after Federal reserve chair Jerome powell’s remarks failed to soothe in concerns about a recent surge in borrowing cost. Rising U.S. bond yields has also put pressure on European market.
In Europe, the DAX plunged 0.79%, CAC lost 0.60% to 5,795.72 and the FTSE plunged 0.04% to 6,648.52.