Singapore — Asian stocks hit a two-year low on Friday and were heading for a weekly loss, while the dollar was set for its third week of gains as a fresh slew of rate hikes around the world deepened concerns about the outlook for global economic growth.
MSCI’s index of Asia-Pacific shares outside Japan fell 0.5% in early trade to a two-year low, dragged down by concerns about China’s property market where homeowner threats to cease mortgage payments have spooked markets. “They continue to face challenges of Covid-19 resurgence. The property market offers greater pessimism and potential for crisis if they don’t manage it properly.”
The S&P 500 finished 0.3% lower but futures were up 0.35% in Asia after Federal Reserve governor Christopher Waller and St Louis Fed president James Bullard poured some cold water on talk of a 100 bps hikes later in July. Short-end US Treasuries held steady overnight, but the two-year yield, at 3.1217%, is about 17 basis points higher than the benchmark 10-year yield, an unusual inversion of the yield curve that often points to recession.
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