A look at the day ahead in Asian markets from Jamie McGeever.A sea of red on Wall Street and renewed turmoil across the U.S. regional banking sector on Thursday suggest Asian markets go into Friday's session on the defensive, bringing what has been a surprisingly resilient week for local stocks to a rocky
A sea of red on Wall Street and renewed turmoil across the U.S. regional banking sector on Thursday suggest Asian markets go into Friday's session on the defensive, bringing what has been a surprisingly resilient week for local stocks to a rocky end.
As world markets digested the 25 basis point rate hikes from the Fed and European Central Bank - and notably divergent messaging from Fed Chair Jerome Powell and European Central Bank President Christine Lagarde - U.S. bank fears intensified. Reuters exclusively reported that U.S. federal and state officials are assessing the possibility of"market manipulation" behind the recent big moves in bank shares, as the White House vowed to monitor"short-selling pressures on healthy banks."
In some ways, the global fallout is clear and obvious - the Japanese yen rose for a third day, another indication that it may be rediscovering its safe-haven mojo, bind yields slumped, and gold surged to a three-year high and a whisker away from a new all-time high.The MSCI Asia-ex Japan index on Thursday had its best day since late March and is flat on the week, supported by the lower dollar and bond yields, and growing hopes that the Fed's hiking cycle is over.
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