HONG KONG: Investors further unloaded shares in Asia on Thursday as they girded themselves for more interest rate hikes aimed at slowing runaway inflation, with some analysts warning that markets could retest the lows touched in June. The hawkish remarks out of the Fed have dealt a hefty blow to a rally in markets from their June lows. The downbeat mood in New York and Europe, which is also being buffeted by a major energy crisis, spread to Asia. The prospect of more US rate hikes continued to press the dollar higher against all other currencies, with the psychological 140 yen mark well within sight for the first time since 1998. "There [would probably] be some sort of verbal intervention as 140 approaches," said David Lu of NBC Financial Markets Asia.

Source: Manila Times September 02, 2022 04:12 UTC