Equities fell on Friday in Hong Kong, Australia and South Korea after the S&P 500 closed at the lowest level since June. US futures fluctuated.
There is no trading of cash Treasuries in Asian hours with markets closed in Japan for Autumnal Equinox Day. Japan’s intervention hasn’t addressed the underlying cause of yen weakness – the yawning gap between Japan’s ultra-loose monetary policy and rising rates in other countries – leaving the currency vulnerable.
“We see this new even-higher-for-longer rate path as associated with a substantially higher likelihood of a hard landing, and so not just unambiguously hawkish but unambiguously bad for risk,” said Krishna Guha, vice chairman of Evercore ISI.
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