Global Stocks Edge Higher Amid Central Banks' Inflation Fight

The global stock market ended a turbulent week on a higher note as central banks around the world doubled down on their efforts to combat inflation. The S&P 500 and Nasdaq indices rose, while the Dow Jones Industrial Average fell by 0.18%. This comes after a series of major central bank meetings, where policymakers have signaled their intent to raise interest rates to control inflation.

The Bank of Japan raised its key rate to a 31-year high of 1.25%, causing the yen to weaken against the dollar. The Federal Reserve's decision to raise rates for the first time in three years also contributed to the yen's decline. The European Central Bank and Australia's central bank have also flagged the need for further tightening to combat inflation.

Oil prices retreated on Friday, with Brent crude futures falling nearly 1% to settle at $103.87. This comes after a Reuters report that China has asked Tehran to help rein in the Houthis, which may lead to alternative routes for oil exports.