Asian stocks slide as markets brace for rate hikes

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Asian stocks fell the most in two weeks on Monday as investors prepare for rapid US rate rises and slowing growth

Asian stocks fell the most in two weeks as investors prepare for rapid US rate rises and slowing growthA man wearing a protective face mask talks on his cellphone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan. Picture: REUTERS/ATHIT PERAWONGMETHA

The euro was broadly steady at $1.0802, compared with broad dollar gains elsewhere, and it touched an almost two-month high against a struggling sterling. US shares had tumbled at the end of last week after Federal Reserve chair Jerome Powell said a 50 basis-point rate hike was on the table at this year's May meeting and St Louis Fed President James Bullard floated the idea of 75 bps hikes.

China's blue-chip CSI 300 index fell to its lowest since June 2020 and investors have so far been underwhelmed by policy support for the flagging economy.

 

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