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Stocks dive, dollar rallies as dazed traders gird for inflation data

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Asian stocks sank again while the dollar held gains against the yen and sterling as the volatility that has characterised markets for most of the year showed no sign of letting up.

Angst-ridden investors are struggling to find some solace as they navigate a range of crises that threaten the global economy, from soaring prices and bumper interest rate hikes to the Ukraine war and China's Covid-induced growth slowdown.

The latest blow came Tuesday when the Bank of England announced it would stop its emergency bond-buying efforts on Friday, ignoring calls to extend the programme to allow markets to stabilise. Sterling, which had recovered to as high as $1.15 last week, came back under pressure to drop back below $1.10 Tuesday where it remained the next day in Asian business.

Investors are now nervously looking ahead to Thursday's US inflation report, with observers warning that a strong reading could spark another rout. "There is so much tension that duration time will be short," said Yoshio Iguchi, of Traders Securities."The chicken race will continue with people wanting to test the upside but at the same time scared of being countered by intervention."

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