Asia stocks steady after day of steep losses

Sydney — Asian share markets stabilised on Tuesday after steep losses in the past 24 hours, while the US dollar remained elevated as investors considered the prospects interest rates would remain higher for longer in many developed economies.

“Sentiment in markets is dominated by central banks and the repricing of rates yet again,” Kerry Craig, JPMorgan Asset Management’s global market strategist, said. The repricing of higher rates began after strong US jobs growth in January, with employment rising 517,000, more than double economists’ expectations. The unemployment rate hit 3.4%, the lowest in more than 53 years.

“The market has repriced to expect that the Fed Funds rate will peak just above 5% and it now only anticipates very limited rate cuts, just one of 25 basis points by the end of this year,” ANZ economists wrote.

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