Asia continues global stock slump as Fed tightening fears flare

TOKYO, Aug 31 ― Asian markets extended the global stocks selloff today, as investor worries about aggressive monetary tightening were inflamed further by strong US jobs data.

“The strong JOLTS data and Fed rhetoric was the overwhelming narrative,” knocking stocks further and pushing up bond yields, Tapas Strickland, an analyst at National Australia Bank, wrote in a note to clients. MSCI's broadest index of Asia-Pacific stocks declined 0.7 per cent. Its world equity index slumped 0.9 per cent yesterday, for a third straight day of losses.

The two-year US Treasury yield, which is relatively more sensitive to the monetary policy outlook, hit a fresh 15-year high at 3.497 per cent overnight, but eased back to 3.4558 per cent in Tokyo trading.

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