Stocks skid, dollar holds steady as market mood darkens

Recent market moves were due to "the combination of the Fed and central banks sticking with their inflation mandate, and at the same time the latest economic indicators showing signs of weakness not just in Europe, but also in the U.S. and also in Japan," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management.

The U.S. 10 year yield was last 3.0499% while German 10-year government bond yield touched a fresh 8-week high of 1.38%.The U.S. dollar, which has gained support from higher interest rate expectations, has also benefited from the poor comparative outlook in other parts of the world. In China, meanwhile, property stocks fell as earnings brought another reminder of the deep hole that developers are in without access to easy credit. An index of Hong Kong listed builders"People are still trying to understand the full extent of the detrimental effects as it has multiple repercussions," said Samuel Siew, a market specialist at CGS-CIMB in Singapore.

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