Asian stocks slump to 11-mth lows as higher-for-longer rate fears persist

© Reuters. FILE PHOTO: A woman walks past a man examining an electronic board showing Japan's Nikkei average and stock quotations outside a brokerage, in Tokyo, Japan, March 20, 2023. REUTERS/Androniki Christodoulou/File Photo

A rebound in U.S. home sales was the latest trigger for concern in the bond market. Corporate earnings have also been mixed. Alphabet shares logged their worst session since March 2020 overnight, dropping 9.5% as investors were disappointed with stalling growth in its cloud division., a bedrock for pricing risk-taking across financial markets, jumped 11 basis points overnight and traded at 4.96% on Thursday.

"Once you have more stable treasury environment, you will have a clearer earnings revision story," he added, noting markets dominated by tech firms, which rely heavily on financing, will be vulnerable to higher rates due to borrowing costs.) parent Meta fell 4% on Wednesday and another 3% in after-hours trade after publishing results showing better-than-expected revenue but a cloudy outlook, with expenses seen topping Wall Street estimates.

The Australian dollar fell to an almost one-year low of $0.6271 in morning trade. The head of Australia's central bank on Thursday said the strong third-quarter inflation report was around policymakers' expectations, and they were still considering whether it would warrant a rate rise.In China, markets' bounce on news that China would issue a trillion yuan in sovereign debt was quickly fading away, with mainland and Hong Kong indexes winding back gains.

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