TOKYO, June 21 — Asian stocks dropped today as investors mulled the implications of a surprise hawkish shift last week by the US Federal Reserve, while the Treasury yield curve flattened further with 30-year yields dropping below 2 per cent.
The US dollar hovered near the 10-week high touched on Friday versus major peers, following its biggest weekly advance in more than a year. Shares of banks, energy firms and other companies that tend to be sensitive to the economy’s fluctuations have fallen sharply following the Fed’s meeting on Wednesday, when the central bank caught investors off guard by anticipating two quarter-percentage-point rate increases in 2023 amid a recent surge in inflation.
The MSCI world equity index, which tracks shares in 45 nations, fell another 0.2 per cent today, extending its retreat from a record intraday high reached Tuesday.
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