SINGAPORE : Asian stocks hit a two-year low on Friday and were heading for a weekly loss, while the dollar was set for its third week of gains as a fresh slew of rate hikes around the world deepened concerns about the outlook for global economic growth.
MSCI's index of Asia-Pacific shares outside Japan fell 0.5 per cent in early trade to a two-year low, dragged down by concerns about China's property market where homeowner threats to cease mortgage payments have spooked markets. "They continue to face challenges of COVID-19 resurgence. The property market offers greater pessimism and potential for crisis if they don't manage it properly."
The S&P 500 finished 0.3 per cent lower but futures were up 0.35 per cent in Asia after Fed Governor Christopher Waller and St. Louis Fed President James Bullard poured some cold water on talk of a 100 bp rate hikes later in July. Short-end U.S. Treasuries held steady overnight, but the two-year yield, at 3.1217 per cent, is about 17 basis points higher than the benchmark 10-year yield, an unusual inversion of the yield curve that often points to recession.
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