BEJING - Asian markets were mixed on Monday with traders on edge as they considered the prospect of more US interest rate hikes aimed at bringing down stubbornly high inflation.
Equities have struggled this month to build on January's rally, with recent data showing that the Federal Reserve still had plenty of work to do to get prices under control.
Investors are now awaiting the release of minutes from the central bank's most recent policy meeting, hoping to gauge officials' views on their next steps.
Sentiment was given a jolt last week by comments from some members who said they were open to a 50-basis-point hike at the next gathering.
Several others have already warned that borrowing costs would likely have to go higher and stay there for longer to tame inflation, which remains elevated despite easing.
That has renewed concerns that the world's top economy could tip into recession, with commentators warning earnings will also take a hit.
In early trade, Asian markets fluctuated following a mixed day on Wall Street on Friday.
Hong Kong, Shanghai, Seoul and Taipei rose while Tokyo, Sydney and Manila were flat. Singapore, Jakarta and Wellington slipped.
Analysts warned that while traders expect further rate hikes, there could be more bad news down the line.