Asia stocks slide as growth outlook darkens

The Bank of England's hike to 5%, in the face of sticky inflation and surprisingly strong wages prompted only the briefest jump in sterling before it fell along with gilt yields fell as investors worry tightening will bring economic pain.

"Although moves in rates and foreign exchange were muted, there does seem a sense that more tightening is coming in the northern hemisphere," he said. With onshore markets closed the offshore yuan extended recent losses and slid to a new seven-month trough of 7.2225 per dollar. Ten-year Treasury yields rose 7.6 bps overnight and held at 3.7849% on Friday. The prospect of higher rates hit gold, which pays no income, and spot prices slid to three-month lows at $1,910 an ounce.

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