Asian stocks slip while dollar index hits highest level since mid-2020

A man wearing a protective face mask talks on his cellphone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan. Picture: REUTERS/ATHIT PERAWONGMETHA

In morning trade in Asia, Japan's Nikkei shed nearly 2.0%, while South Korean shares fell 0.9% and Australian shares lost 0.75%.Hong Kong's Hang Seng index was down 1.3%, moving away from a one-month high hit on Monday. Shanghai lost 0.1% as markets in mainland China reopened after two days of public holidays.

“It's now considered an 80% chance the Fed will take that course,” said Kyle Rodda, a market analyst at IG in Melbourne. Investors hadn't fully priced in such a move, so greater evidence for it may move markets, Rodda added.

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