HONG KONG : Asian shares clung on to small gains on Friday thanks to a solid Wall Street session, but were still set for their worst month in two years, as China growth fears and looming U.S. rate hikes dragged on sentiment and sent the safe-haven dollar soaring.
Shanghai stocks rose 0.2 per cent on Friday, but are set for an 8.1 per cent fall for the month, their worst since January 2016. Beijing closed some schools and public spaces on Thursday, as most of the Chinese capital's 22 million residents turned up for more mass COVID-19 testing aimed at averting a Shanghai-like lockdown.
The dollar index, which tracks the greenback against six major peers was a whisker softer at 103.56, having hit 103.93 on Thursday, its highest level since late 2022.On top of the safety-bid for the dollar, the rally has also been fed by market expectations for 150 basis points of rate hikes in just three Federal Reserve meetings. The aggressive Fed tightening path, mainly to curtail sky high inflation, far out paces other global central banks.
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