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Stocks slide, dollar climbs as rate hike concern in focus

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Asian stocks fell the most in two weeks on Monday as concern about rapid U.S. rate rises and slowing growth rattled investors, while the euro found support after Emmanuel Macron won a second term as French president.

fell 3%. S&P 500 futures dropped 0.8% while FTSE futures and European futures were off by more than 1%. Oil fell 2.7%.The euro was broadly steady at $1.0802, compared with broad dollar gains elsewhere, and it touched an almost two-month high against a struggling sterling .

U.S. shares had tumbled at the end of last week after Federal Reserve Chairman Jerome Powell said a 50-basis-point rate hike was on the table at May's meeting and St. Louis Fed President James Bullard floated the idea of 75 bp hikes. The Treasury market steadied, keeping the benchmark 10-year yield at 2.8581% and the two-year yield off last week's highs at 2.6399%.

The dollar was also on the march elsewhere though trade was thinned a bit by public holidays in Australia and New Zealand. The Aussie slid 0.8% to a six-week low of $0.7185 and the kiwi fell 0.4% to a two-month low of $0.6603.

 

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