Most Asian markets saw choppy trade on Friday as sentiment remained frayed over a hawkish Federal Reserve, while Chinese stocks logged a strong rally on renewed speculation over the potential lifting of COVID restrictions.
Oil prices retreated from a three-week high on Thursday after weak economic data from China pointed to more trouble in the world's largest crude importer, while the outlook for demand was also dimmed by the prospect of higher U.S. interest rates.
The European Central Bank "will need additional interest rate increases" to fight off inflation even considering the growing likelihood of a euro zone recession, policymaker Pablo Hernandez de Cos said on Wednesday.
Chinese policymakers pledged on Wednesday that growth was still a priority and they would press on with reforms, helping further boost stock markets buoyed by hopes that Beijing will ease off on its strict COVID-19 measures.
President Joe Biden's administration will make $13.5 billion available to help low-income U.S. households lower their heating costs this winter, the White House said on Wednesday.
Europe needs its industrial companies to save energy amid soaring costs and shrinking supplies, and they are delivering - demand for natural gas and electricity both fell in the past quarter.