Asia stocks steady, dollar firm as investors consider higher rate outlook

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Asian share markets mostly stabilized after steep losses in the past 24 hours, while the U.S. dollar remained elevated as investors considered the prospects for interest rates to remain higher for longer in many developed economies. | Reuters

Hong Kong’s Hang Seng Index was trading 0.67 percent higher and China’s bluechip CSI300 Index was up 0.07 percent.

In early European trades, the pan-region Euro Stoxx 50 futures were up 0.17 percent at 4,218, German DAX futures were up 0.09 percent at 15,409, FTSE futures were up 0.09 percent at 7,815.“Sentiment in markets is dominated by central banks and the repricing of rates yet again,” Kerry Craig, JPMorgan Asset Management’s global market strategist, told Reuters.

The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.4267 percent compared with a U.S. close of 4.456 percent. Overnight on Wall Street, the Dow Jones Industrial Average fell 0.1 percent, the S&P 500 lost 0.61 percent and the Nasdaq Composite dropped 1 percent.

 

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