MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.6 per cent, while Australia's beleaguered market rose 2.9 per cent. — Reuters pic
Sources told Reuters China was set to unleash trillions of yuan of fiscal stimulus to revive an economy facing its first contraction in four decades. The dollar's surge is a nightmare for the many countries and companies that have borrowed heavily in the dollar, leading to yet more selling of emerging market currencies in a negative feedback loop.
MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.6 per cent, while Australia's beleaguered market rose 2.9 per cent. Japan's Nikkei went the other way and dipped 1 per cent. This was a major relief as the collapse of crude prices had blown a huge hole in the budgets of many oil producers and forced them to dump any liquid asset to raise cash, with US Treasuries a particular casualty.
“Such price action suggests significant market stress, particularly on the wide range of entities outside the US that have borrowed in dollars,” said Richard Franulovich, head of FX strategy at Westpac.
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