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Asia stocks feel rate pain, dollar on a roll

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Markets priced in ever-loftier peaks for interest rates, slugging bonds and pushing the dollar to multi-week highs.

S&P 500 futures were flat, while Nasdaq futures edged up 0.1%. Strong data on spending and core prices saw the S&P 500 crack support at 4,000 on Friday and retrace 61.2% of this year's rally.around 5.42%, implying at least three more hikes from the current 4.50% to 4.75% band. Markets have also nudged up the likely rate tops for the European Central Bank and the Bank of England. ,

The Atlanta Fed's influential GDP Now tracker has the U.S economy growing an annualised 2.7% in the first quarter, showing no slowdown from the December quarter. Shares in the United States trade at a price to earnings multiples of around 17.5 times forward earnings, compared to 12 times for non-U.S. shares.

With the earnings season almost over, around 69% of earnings have surprised on the upside, compared to a historical average of 76%, and annual earnings growth is running around -2%.

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