Asian equities tumbled, Treasury yields pushed higher and the dollar extended gains as hawkish rhetoric from Federal Reserve Chair Jerome Powell hurt global appetite for risk taking. A gauge of the region’s shares slipped more than 1%, with a benchmark of emerging markets falling more as investors adjusted for the prospect of higher borrowing costs. Some of the heaviest losses were in Hong Kong, where the Hang Seng Index dropped more than 2% amid signs that derivatives and structured products were amplifying the fall. Shares of Asian energy companies and miners dropped as a combination of the Fed outlook and China’s economic growth target weighed on commodities. A measure of greenback strength extended its recent rally to near the highest level this year. The yen extended its decline, the yuan traded just below the key level of 7 versus the dollar and the currencies of Australia and New Zealand held large losses from the previous session. Powell, who will appear in Congress again later in the day, signaled during Senate testimony on Tuesday that officials were ready to speed up the pace of tightening and take rates to higher levels if inflation remains hot. That’s sent short-end yields skyrocketing and prompted a shift higher in rate-hike bets. In the swaps market, traders boosted wagers for the Fed’s March 22 meeting, with an increase in bets for a half-point hike and a peak above 5.6% by September. The Fed raised its policy rate by a quarter point to a range of 4.5% to 4.75% in February. US policymakers will have a chance to review the February jobs data and an update on consumer prices before they meet again. US payroll growth has topped estimates for 10 straight months in the longest streak in decades, a trend that, if extended, will boost pressure on the Fed to keep raising interest rates. oil held most of a deep loss from Tuesday as the outlook for rate hikes raised concerns over a drag on demand. Gold was steady after falling to the lowest in a week in response to Powell. Iron ore dipped as investors weighed data that suggests China’s steel consumption remains slow. US After Hours ARLO +11.5%, CRWD +6.1%, BASE +3.7%, WTI +3.4%, CASY +1.6% up on earnings; SOUN -9%, YEXT -5.3%, AGTI -2%, SFIX -2% down on earnings.
Nikkei +0.51% Hang Seng -2.65% CSI -0.86% Shanghai -0.58% Shenzen -0.21%
Eur$ 1.0536 CNH 6.9771 CNY 6.9662 JPY 137.68 GBP 1.1826 CHF 0.9431 RUB 75.6614 TRY 18.9229 WTI$ 77.47 -0.10% Gold 1,813 -0.04% BTC 21,991 -0.29% ETH 1,553 +0.15%
S&P +0.00% Nasdaq -0.07% EuroStoxx -0.28% FTSE -0.21% Dax -0.26% SMI -0.77%
Macro :
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Keep an eye on :
Keep an eye on :
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