HONG KONG : Asian markets attempted to stabilise on Tuesday after a wild few days of stumbling stocks, crumbling bonds, a plunging pound and soaring dollar, with the dollar easing a bit and stocks flat.
Britain plans tax cuts on top of huge energy subsidies, and a lack of confidence in the strategy and its funding hammered gilts and the pound on Friday and again on Monday." is definitely something that's unfolding...probably we're only at a certain initial stage of seeing how the market digests that kind of information," said Yuting Shao, macro strategist at State Street Global Markets.
Spillover to U.S. markets drove Wall Street deeper into a bear market, lifted benchmark 10-year Treasury yields more than 20 bps to a 12-year high of 3.933 per cent, and has kept the greenback bid. State Street's Shao said uncertainty is rippling through the market and weighing on investor sentiment.