Stocks stumble, dollar steadfast as growth outlook darkens

SINGAPORE : Asian stocks hit a two-year low on Friday and were heading for a weekly loss, while the dollar was set for its third week of gains as a fresh slew of rate hikes around the world deepened worry about the outlook for global economic growth.

MSCI's index of Asia-Pacific shares outside Japan fell 0.5 per cent in early trade to a two-year low, dragged down by concerns about China's property market where homeowner threats to cease mortgage payments have spooked markets. Overnight, Wall Street indexes fell after weaker-than-expected earnings from JPMorgan Chase & Co and Morgan Stanley fanned fears of a sharp economic downturn.

Futures imply about a 30 per cent chance of a 100 bp hike and see the benchmark U.S. interest rate reaching about 3.6 per cent by March next year before being cut back to 3 per cent by late 2023.This week the Bank of Canada surprised markets with a 100 bp hike, central banks in South Korea and New Zealand announced 50 bp hikes and in Singapore and the Philippines authorities tightened policy out-of-cycle to tamp down on inflation.

In currency markets the U.S. dollar is king. The euro fell as low as $0.9952 overnight and has slid 1.5 per cent for the week. It last steadied at $1.0030. The yen is hurtling toward 140 per dollar, and last bought 138.85.

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