HONG KONG, Sept 1 — Investors further unloaded equities in Asia today as they girded themselves for more interest rate hikes aimed at quelling runaway inflation, with some...
HONG KONG, Sept 1 — Investors further unloaded equities in Asia today as they girded themselves for more interest rate hikes aimed at quelling runaway inflation, with some analysts warning that markets could retest the lows touched in June.
Meanwhile, another top Fed official signalled the bank was determined to keep lifting borrowing costs, mirroring comments by head Jerome Powell last week that there would be no let-up in the fight against inflation. A government jobs report tomorrow will be closely watched by traders hoping for an idea about the next move by the bank, which has said it will make its decision based on data.
CMC markets analyst Michael Hewson added: “When you have the likes of a typical Fed dove like Minneapolis Fed President Neel Kashkari talk about the unlikely prospect of rate cuts in 2023, it’s hard to envisage a scenario of anything other than a 75-basis-point rate hike later this month, as the Fed continues to insist that their priority is to keep going on rates until the job is done.”
Shanghai gave up an early advance following news that the Chinese city of Chengdu would effectively lock down around 16 million people in a bid to contain a Covid-19 outbreak, likely dealing another blow to an already stuttering economy.The prospect of more US rate hikes continued to press the dollar higher against all other currencies, with the psychological ¥140 mark well within sight for the first time since 1998.
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