SINGAPORE : Asian stocks hit a two-year low on Friday and were heading for a weekly loss, while the dollar was set for its third week of gains as a fresh slew of rate hikes around the world deepened concerns about the outlook for global economic growth.
MSCI's index of Asia-Pacific shares outside Japan fell 0.5 per cent in early trade to a two-year low, dragged down by concerns about China's property market where homeowner threats to cease mortgage payments have spooked markets. "They continue to face challenges of COVID-19 resurgence. The property market offers greater pessimism and potential for crisis if they don't manage it properly."
The S&P 500 finished 0.3 per cent lower but futures were up 0.35 per cent in Asia after Fed Governor Christopher Waller and St. Louis Fed President James Bullard poured some cold water on talk of a 100 bp rate hikes later in July. Short-end U.S. Treasuries held steady overnight, but the two-year yield, at 3.1217 per cent, is about 17 basis points higher than the benchmark 10-year yield, an unusual inversion of the yield curve that often points to recession.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian stocks gain as investors brace for US inflation dataHONG KONG/TOKYO : Stocks made slight gains across Asia on Wednesday while the euro hovered just above parity against the dollar as investors awaited a highly anticipated U.S. inflation report later in the global day. Futures were down ahead of European markets opening on Wednesday morning. FTSE futures sl
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China banks, property stocks slump as homebuyers stop mortgage paymentsSHANGHAI/SINGAPORE : Investors dumped China's banking and real estate stocks on Thursday, fearing deepening trouble in the property sector would begin to hit the financial system as a wave of homebuyers refused to repay mortgage loans for delayed projects.Bonds of Chinese developers were also sold off, as
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Pictet Wealth Management returns to Chinese stocks after 18-month hiatusHONG KONG : The wealth management arm of Swiss bank Pictet Group is buying Chinese equities again more than 18 months after it shunned the asset class, joining other foreign investors dipping back in as they bet on improving economic prospects and less regulatory intervention. Pictet Wealth Management Asi
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Stocks stumble, dollar steadfast as growth outlook darkensSINGAPORE : Asian stocks hit a two-year low on Friday and were heading for a weekly loss, while the dollar was set for its third week of gains as a fresh slew of rate hikes around the world deepened worry about the outlook for global economic growth.Although wagers on a 100 basis point hike from the U.S.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »