SINGAPORE : Asian stocks logged their sharpest declines in two weeks but the dollar held on to gains following strong U.S. data that again suggested the Federal Reserve might stick longer with aggressive interest rate increases.
Stocks in Korea fell 1 per cent, Taiwan slumped by 1.6 per cent, and Hong Kong shed 1.1 per cent. Chinese stocks extended their recovery, with the broader index gaining 0.6 per cent, while Japan was up 0.3 per cent. "Monetary policy works with a lag and key spot indicators such as falling housing prices, rental rates, commodities, and freight pricing as well as rising layoffs and inventories are already signalling a weakening U.S. economy," said Chi.
The Australian dollar regained some ground after the country's central bank raised interest rates to decade highs and stuck with a prediction of further hikes ahead, quashing any thought it was near to pausing.
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