Asia stocks on the skids, HK hits 11-month low

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SYDNEY : Asian shares slid and the dollar held firm on Monday ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering. Holidays in Japan, China and South Korea made for thin conditions, and politics add

SYDNEY : Asian shares slid and the dollar held firm on Monday ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.

Concerns about the health of China's economy and Beijing's crackdown on tech firms continues to haunt the region, with stocks in Hong Kong skidding more than 3per cent to their lowest in almost 11 months. Nasdaq futures eased 0.5per cent and S&P 500 futures fell 0.3per cent, with Wall Street ending last week on a soft note after disappointing U.S. consumer confidence data.

"A flatter yield curve suggests some fears the Fed may overdo the eventual hiking cycle," cautioned Tapas Strickland, a director of economics at NAB. The market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125per cent.

 

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