Business Maverick: Asian stocks decline; yen whipsaws after BOJ: markets wrap

A gauge of Asian equities slid, weighed down by Hong Kong-listed technology stocks. Shares of miners and steelmakers in the region declined after the world’s No 2 iron ore producer Vale SA saw a steeper-than-expected drop in profit.

US equity contracts fell following Amazon.com’s plunge after hours as its sales forecast trailed estimates. Shares of Apple rose slightly in post market trading following a volatile afternoon. Bond yields fell in Australia and New Zealand while Treasury yields were little changed, with the 10-year remaining well below 4%.

Economists still expect the Fed to hike by three-quarters of a percentage point for the fourth time in a row when it meets next week. But with recent data highlighting the effects of sharp rate hikes on the economy, investors expect the FOMC to slow the pace of tightening after November’s meeting.

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