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Stocks struggle to make headway as rate rises loom

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SINGAPORE : Asian stock markets were pinned near seven-week lows on Thursday while the dollar stood at multi-week peaks, as a run of strong economic data had investors worrying interest rates will need to keep rising and stay high to put the brakes on inflation. MSCI's broadest index of Asia-Pacific sh

SINGAPORE : Asian stock markets were pinned near seven-week lows on Thursday while the dollar stood at multi-week peaks, as a run of strong economic data had investors worrying interest rates will need to keep rising and stay high to put the brakes on inflation.

Minutes from this month's Federal Reserve meeting - reinforcing a hawkish tone - did little to shift the concern. "The market is stretched so they'll panic on shadows," said Mathan Somasundaram, founder at analytics firm Deep Data Analytics in Sydney. The Australian and New Zealand dollars moved a little higher off strong support levels, with the Aussie last up 0.4 per cent to $0.6832 and the kiwi up by the same margin to $0.6242. [FRX/]

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