Central Bank Rate Hikes Shake Asian Markets

Most Asian stocks fell after the Bank of England's bigger-than-expected rate hike and a beat on Japanese consumer inflation raised concerns over tightening global monetary policy. Hong Kong's Hang Seng was the worst performer, down 1.8%, while Japan's Nikkei and TOPIX both slid after inflation grew more than expected, indicating mounting pressure on the Bank of Japan to tighten policy. Indian stocks are set to fall further from record highs due to fears of a resurgence in Indian retail inflation and correction in small and medium-cap stocks.