Asian markets swing as oil surge weighs on Fed rate hopes

HONG KONG-Asian markets were mixed Tuesday as concerns about the impact of surging oil prices on inflation offset data indicating a slowing US economy that could allow the Federal Reserve to slow its interest rate hikes.
Crude held on to Monday’s surge of more than six percent that came after top producers announced a surprise output cut, providing a fresh headache to central bankers as they battle inflation. Regional investors were given a positive lead from Wall Street, where the S&P 500 and Dow chalked up healthy gains after a closely watched gauge of US factory activity from the Institute for Supply Management (ISM) missed forecasts and showed a fifth consecutive month of contraction.

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