Asia stocks fall as China opts against cutting key policy interest rate

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Asia stocks fall as China opts against cutting key policy interest rate via IrishTimesBiz

Stocks fell in Asia Friday as China unexpectedly opted against cutting a key policy interest rate, a reduction that had been widely expected to support an economy hamstrung by Covid lockdowns.

Treasuries also slid Thursday, hurt by higher US import prices and comments from Federal Reserve official John Williams that a half-percentage point rate hike is a “reasonable option.” Treasury markets are shut for Good Friday. The dollar rose against all its Group-of-10 peers, with the yen struggling.

The gyrations in bond markets remain centre stage for investors, reflecting the ebb and flow of concern over when inflation will peak and the potential economic damage from tighter monetary policy across much of the world. Meanwhile, Twitter closed lower, whipsawed by billionaire Elon Musk’s offer to buy the social-media giant. The firm is said to be considering adopting a measure that would protect it from hostile acquisition bids.

 

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