SINGAPORE : Asian stocks fell for a second session in a row on Wednesday, as global investors contended with signs of a softening U.S. economy, and were in full flight from U.S. regional lenders, ahead of an expected U.S. interest rate hike later in the day.
Bonds rallied as investors reckoned the Federal Reserve, which sets policy later on Wednesday, will soon be switching from rate hikes to cuts. The dollar, which fell a little, was caught in the crosswinds of falling yields and rising nerves.Among banks, PacWest Bancorp, down 27.8 per cent, Western Alliance Bancorp, down 15.1 per cent, and Comerica Inc down 12.4 per cent, were the biggest losers.
In Europe, where the crisis of confidence forced Credit Suisse into the arms of larger rival UBS six weeks ago, banks are sharply turning off the credit taps, data on Tuesday showed, perhaps making a case for a smaller rate hike this week. Currency markets were steady and awaiting direction from the Fed, save for the New Zealand dollar which rose about 0.6 per cent to a three-week high of $0.6242 after strong jobs data fuelled expectations of another rate hike later this month.
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