Global Economy LIVE | World stocks eye one per cent weekly loss

World stocks were heading on Friday for a one per cent loss on the week. US Federal Reserve officials have sent out more warning shots on interest rates, leading to a drift from recent two-month highs.

The dollar and bond yields rose after St. Louis Fed President James Bullard said interest rates might need to hit a range from 5-5.25 per cent from the current level of just below four per cent to be "sufficiently restrictive" to curb inflation.

Tokyo's key Nikkei index gave up earlier gains and ended lower on Friday as investors locked in profit while searching for fresh cues. The benchmark Nikkei 225 index slipped 0.11 per cent, or 30.80 points, to 27,899.77, while the broader Topix index only just remained in the black, inching up 0.04 per cent, or 0.75 points, to 1,967.03.

The Indian rupee was little changed on Friday. It had benefitted from a plunge in oil prices but it was countered by continued corporate demand for the dollar. The rupee was at 81.6650 per dollar, against its previous close of 81.65. The currency has declined one per cent in volatile trade so far this week, giving back half its gains from last week in the wake of slightly soft US inflation data.

Indonesia's biggest tech firm PT GoTo Gojek Tokopedia Tbk said on Friday it was laying off 1,300 workers, or 12 per cent of its workforce. A host of technology firms are laying off staff after years of rapid hiring due to an uncertain economic outlook.

"Challenging global macroeconomic conditions are having a significant impact on businesses around the world and GoTo, like other prudent companies, is making adjustments to ensure it can navigate the uncertain road that lies ahead," it said in a statement.

Japan's core consumer prices rose 3.6 per cent year-on-year in October, the government said Friday. This is the highest level in four decades largely due to rising energy costs and a weak yen. The data excludes volatile fresh food prices. It was slightly higher than analyst expectations of 3.5 per cent in a Bloomberg survey. 

 Amazon said on Thursday there would be more role reductions as its annual planning process extends into next year and amid adjustments. 

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Oil prices rose on Friday as the dollar slipped but were headed for hefty weekly losses. Expectations are there will be no let-up in sharp US interest rate hikes and the prospect of weaker demand from top oil importer China amid rising COVID-19 cases. Brent crude futures clawed back 67 cents, up 0.8 per cent to $90.45 a barrel at 0130 GMT, but were not far off a four-week low of $89.53 hit in the previous session.

The dollar was headed for its best week in a month on Friday. This comes as hawkish remarks from Federal Reserve officials and stronger-than-expected retail sales data have put the brakes on a pullback that was triggered by signs of softening inflation. It was helped overnight, too, by a 0.4 per cent fall in sterling after Britain's budget for tax rises and spending cuts disappointed investors.

Global demand for silver is expected to rise 16 per cent this year to 1.21 billion ounces, creating the biggest deficit in decades, according to the Silver Institute on Thursday night. Use of silver by industry, for jewellery and silverware and for bars and coins for retail investors were all forecast to reach record levels, the institute said.