By Ambar Warrick
Investing.com– Asian stocks moved little on Friday as hawkish comments from the Federal Reserve weighed on risk appetite, while Petrochina surged on a report that it intends to spin off its marketing business.
Most Asian bourses moved less than 0.5% in either direction after hawkish overnight comments from several Fed members suggested that the central bank intended to keep raising rates at a sharp clip.
St Louis Fed President James Bullard and San Francisco President Mary Daly both by the central bank during its . This comes after the minutes of the Fed’s recent meeting showed that most members of the rate-setting committee supported sharp interest rate hikes.
after the news, providing a muted lead-in for Asian bourses.
Chinese stocks fell slightly, with the blue-chip index down 0.4%.
Shares of PetroChina (SS:), the country’s largest oil and gas producer, jumped nearly 2% after that the firm intends to spin off its marketing and trading business into a separate listing.
The business is one of the biggest money makers for the firm. PetroChina’s parent, China National Petroleum Corp, is reportedly seeking proposals on the feasibility of a spin-off.
Chinese stocks were set to end the week lower as concerns over slowing economic growth in the country and potentially worsening ties with the United States over Taiwan dented local markets.
A profit warning from real estate developer Country Garden Holdings Company Ltd (HK:) also dented property stocks on Thursday, and raised more .
Australian stocks were flat on Friday. Newcrest Mining Ltd (ASX:), the country’s largest gold miner, outperformed the , rising nearly 4% after it reported a .
The gold miner also forecast strong production numbers for 2023.