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Meta’s Oversight Board Urged to Evaluate Promotion of Political Violence on Facebook Platform

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Meta’s Oversight Board Urged to Evaluate Promotion of Political Violence on Facebook Platform

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Asian stocks experienced significant declines on Friday as concerns over tightening monetary policy intensified due to a larger-than-expected rate hike by the Bank of England. The sentiment was further impacted by somewhat hawkish comments made by Federal Reserve Chair Jerome Powell, suggesting the possibility of multiple rate hikes this year.

The combination of these factors led investors to sell off risk-driven assets sensitive to interest rate changes, creating a negative market outlook. Hong Kong’s Hang Seng index was the hardest hit, dropping by 1.8% after a holiday on Thursday. The broader Chinese markets remained closed for the day but had previously declined following a disappointing rate cut.
Other Asian markets also experienced losses, with South Korea’s KOSPI falling by 0.7% and Australia’s ASX 200 losing 1.1%, despite some positive data indicating improvement in manufacturing and service sector activities throughout June.
In Japan, the Nikkei 225 index declined by 1.7%, while the TOPIX fell 1.5% following reports of consumer price index inflation exceeding expectations for the 12-month period ending in May. Although core inflation showed a decrease from the previous month, the reading excluding food and fuel costs reached a 42-year high, indicating persistently high underlying inflation in Japan.
This trend has increased pressure on the Bank of Japan to tighten its policy, even as the bank maintains that it has no immediate plans to alter its ultra-loose monetary stance. The high inflation numbers have also prompted some investors to take profits and sell Japanese stocks, despite the recent resilience of the Japanese economy that attracted significant foreign investment.
In India, futures for the Nifty 50 index suggested a weak start for local stocks, following a pullback from record highs on Thursday. While foreign investors have shown optimism about the strength of the Indian economy, analysts have cautioned that small and medium-cap stocks may undergo a correction due to their high valuations in a challenging global economic environment. Concerns over a potential resurgence in Indian retail inflation were also reignited following a delay in the Indian monsoon.
Meta's Oversight Board Urged to Evaluate Promotion of Political Violence on Facebook Platform
Image inrexpress
Overall, Asian markets faced significant declines amid fears of tightening global monetary policy and economic uncertainties in various countries, leading investors to adopt a cautious approach and reevaluate their positions.

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