Asian shares track Wall Street higher, oil prices retreat

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South Korea's central bank raised its benchmark interest rate by 25 percentage points to 1.50%. That was its fourth increase since August 2021.

South Korea is the biggest news here. Picturing the previously believed glacier-moving Bank of Korea delivering a surprise rate hike without having a governor in place! Raising its base rate by 25 bps to 1.50% (highest level since August 2019) seeking to curb surging inflation that is now double the bank's 2% target, and is acknowledged to stay for "some time to come." And previewing that their GDP growth projection already won't meet expectations.

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