BEIJING, April 22 ― Asian shares tumbled today as investors fretted about an increasingly aggressive rate-hike outlook for the United States as well as the fallout for the global economy from lockdowns in China.
His remarks effectively confirm market expectations of at least another half-percentage-point rate hike from the Fed next month, and Nomura now expects 75 basis point hikes at its June and July meetings, which would be the biggest of that size since 1994. Elsewhere, markets were still reeling from comments by European Central Bank officials that the central bank might start hiking euro zone rates as early as July. German two-year yields hit an eight-year high overnight.
Citi analysts said that they believed lockdowns in China are likely to reinforce upside inflation pressures in coming weeks and months. The greenback gained 0.2 per cent against the Japanese yen, as the Fed's increasingly hawkish posture stood in even sharper relief to Bank of Japan's ultra-easy policy.
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