SINGAPORE : Asia stocks fell for a second day in a row on Friday, and were headed for their worst week in two months, after a slew of central banks raised interests rates and warned there were more hikes to come next year.
"So there's a tension between the central banks being more hawkish than the market has been expecting, and that dichotomy has been emphasised over the past 48 hours by both the Fed and the European Central Bank." "This is not a pivot," she said of the smaller rate rate rise."We are not slowing down, we are in for the long game."
The prospect of higher near-term rates also has investors nervous about longer-run growth as there are growing signs that a worldwide slowdown is gathering pace. The dollar index rose 0.9 per cent. The dollar jumped 1.7 per cent and through its 200-day moving average on the yen, where it was last broadly steady at 137.37 yen. The Aussie dollar had it worst session in two years and dropped 2.4 per cent.
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