An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR
“The market is laser-focused on how aggressive the Fed is going to be with its hiking cycle,” said Giles Coghlan, chief currency analyst at HYCM, pointing out that expectations for higher rates have solidified since a speech last week by Fed chair Jerome Powell at the Jackson Hole central banking conference.The MSCI world equity index steadied above six-week lows set in the previous session but was heading for its third straight week of losses.
European stocks also pulled back from Thursday’s six-week lows, gaining 0.5%, while Britain’s FTSE rose 0.4%. The dollar index, which measures its performance against a basket of six currencies, dipped 0.24% after hitting a 20-year high in the previous session.In bond markets, the yield on benchmark two-year notes edged 2 basis points lower to 3.5006%, while the yield on 10-year bonds dipped 1bp to 3.2537%.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%, heading for its worst weekly performance since mid-June with a tumble of 3.
Analysts at Nomura said what is becoming more concerning is that Covid-19 hotspots in China are shifting away from remote regions and cities to provinces that matter much more to China’s national economy.
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