Shares in Asia were broadly lower Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening.
The moves followed data from the Institute for Supply Management’s US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for US gross domestic product. That marks a sharp turnaround from three months ago — the last time policymakers updated their own numbers — when the consensus view was that the economy would stall in the current quarter.
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