Shares in Hong Kong were headed to the lowest level in a decade, led by technology companies, and Chinese stocks tumbled to a six-month low. South Korea’s benchmark index fell after the central bank pivoted back to outsized interest-rate increases.
The risk aversion bolstered the dollar and the yen weakened beyond a level that in the past has triggeredas investors prepare for higher US rates while the Bank of Japan sticks with ultra-easy policy settings. US consumer price data due on Thursday that may determine if the Fed increases rates by 75 basis points in a fourth consecutive move in November.
Gilts trading had closed prior to Bailey’s comments. In addition to the impact on the pound, the 10-year Treasury yield on Tuesday closed at the highest level since 2010.
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