Asia extends global stocks retreat as US rate, China fears build

HONG KONG, Aug 17 — Asian stocks joined a global sell-off Thursday on fresh worries the Federal Reserve will hike interest rates again, while China’s economic woes continued to shred traders’ nerves.

And there also remains debate inside the Fed about the next move, with officials giving sharply differing views, though the bank has said it will make decisions based on incoming data. “The Fed has no choice but to keep it up until they are convinced that inflationary expectations are quashed,” said Steve Sosnick of Interactive Brokers.

And bets on further hikes pushed the dollar higher against its peers, including an eight-month high versus the yen, raising the prospect of Japanese authorities intervening to support their currency.

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