Stocks sink, dollar climbs as risk of hawkish Powell looms

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSTOKYO - Asian stocks sold off and the dollar scaled an 11-week peak against major peers on Friday, as investors braced for the risk of a hawkish tilt from Federal Reserve Chair Jerome Powell at Jackson Hole.

MSCI's broadest index of Asia-Pacific shares sagged 1.2%, but remained on track for a 0.5% gain for the week, which would snap a three-week run of declines. "However, there is also no real reason for Powell to strike a dovish tone," he added,"and that could mean an ugly end to the week for stocks, while the dollar shines."

The U.S. dollar index - which measures the currency against a basket of six developed-market peers, including the euro and yen - pushed as high as 104.20 in Asia, a level last seen in early June.Against Japan's currency, the dollar edged back toward last week's nine-month high of 146.545, last trading at 146.15.

Equivalent U.S. Treasury yields ticked up in Asia time, last sitting at 4.245%, off the previous session's low of 4.174% but well back from Tuesday's peak of 4.366%, the highest level since November 2007.

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