Business Maverick: Asian stocks drop, dollar slips amid wary trading: markets wrap

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Asian equities fell while major currencies made gains against the dollar in a cautious open to the week following further weakness on Wall Street and a defiant message to the world from China’s Communist Party congress.

Stocks dropped in Japan, Australia and Hong Kong, where technology companies led declines. Contracts for the S&P 500 and Nasdaq 100 rose after tumbling on Friday, when Treasury yields climbed as year-ahead inflation expectations increased. US Yields fell slightly at the open in Asia.

The outlook for consumer prices in the US continues to fuel bets that the Federal Reserve may make jumbo rate hikes at its next two meetings, further challenging global growth. The offshore yuan extended gains versus the dollar after China’s central bank halted its cash withdrawal via medium term loans for the first time in three months in a bid to boost the economy.

Fed officials in their latest comments suggested they were ready to hike rates higher than previously planned. Kansas City Fed president Esther George said the terminal rate may need to be higher to cool prices. San Francisco Fed’s Mary Daly said she’s “very supportive” of raising to restrictive levels and to between 4.5% and 5% “is the most likely outcome”.

 

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