Business Maverick: Asia stocks extend global rout in wake of US CPI: market wrap

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Asian stocks, bonds and currencies tumbled in the wake of the broad-based selloff on Wall Street after hotter-than-expected inflation data fuelled bets for jumbo interest-rate hikes by the Federal Reserve.

Equity indexes in Japan, Hong Kong and Australia slumped after US shares had their biggest drop in more than two years, with the S&P 500 falling more than 4% and the Nasdaq 100 sliding more than 5%. European equity futures fell while US contracts edged higher.interest rates three-quarters of a percentage point next week with some wagers appearing for a full-point move.

The reversal in markets casts a dark shadow over the debate about the outlook for the global economy and markets. Bank of America’s latestA gauge of the dollar fluctuated after climbing more than 1% on the CPI report. The greenback’s strength weighed Asian currencies, with the Korean won falling 1.5% and the yen’s weakness prompting Japan’s chief currency official to warn that the government wouldn’t rule out any options for responding to foreign exchange moves.

Bitcoin nursed a drop of more than 10% overnight, the biggest decline since cryptocurrencies plunged in June.

 

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Business Maverick: Asian equities extend risk rally as dollar weakens: markets wrapShares in Asia climbed on Monday to build on gains made on Wall Street, while the euro advanced as investors weighed the prospect of Europe following the Federal Reserve with more outsized interest-rate hikes. I'm really grateful for all the efforts you have render to me with my little investment of R4000 and with joy over me after withdrawing R50,000 with your help Catherine_nico thank you for everything you have done for me and my family Catherine_nico
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