HONG KONG – Asian markets fluctuated Monday as the battle between economic optimism and fears about the inflation and possible rate hikes the recovery will fuel continues to play out on trading floors.
The Turkish lira plunged more than 17 percent at one point in early trade after President Recep Tayyip Erdogan sacked the country’s market-friendly central bank chief and replaced him with a former ruling party lawmaker.
After a year-long rally across global indices, investors are struggling to maintain the momentum as government bond yields push ever higher — a sign that borrowing costs will rise in the future.
The sharp rise in US Treasury yields — which go in th…
Keep on reading: Asia markets swing as inflation fear tempers recovery hope