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Asian stocks sag with dollar as hawkish Fed spurs recession fears

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Asian stocks sagged, tracking declines on Wall Street, after the U.S. Federal Reserve projected higher interest rates for a longer period. | Reuters

Smart to launch online portal to make SIM Registration easy, convenient, and rewarding for subscribersMSCI’s broadest index of Asia-Pacific shares slumped 0.91 percent, after climbing as high as 160.37 in the previous session for the first time since late August.

The comments followed the Fed’s decision to raise the benchmark rate by an as-expected half a percentage point – down from recent 75 basis point increases – but projected a terminal rate above 5 percent, a level not seen since a steep economic downturn in 2007. The 10-year Treasury yield slipped back below 3.5 percent in Tokyo trading, with the two-year yield also edging lower to under 4.24 percent.

The euro eased 0.15 percent to $1.0664, but still near Wednesday’s more-than-six-month peak at $1.0695. Crude oil traders took a more optimistic view on the global economy though, cheered by projections from OPEC and the International Energy Agency.

 

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Asian stocks waver ahead of U.S. inflation data and central bank rate decisionsAsian stock markets slipped after making early gains on Tuesday, as investors waited for U.S. inflation data that many hope will persuade the Federal Reserve and other central banks to step back from aggressive interest rate hikes. | Reuters
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