SYDNEY : Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.
Concerns about the health of China's economy and Beijing's crackdown on tech firms continues to haunt the region with stocks in Hong Kong especially hard hit last week. Nasdaq futures eased 0.1per cent and S&P 500 futures unchanged, with Wall Street ending last week on a soft note after disappointing U.S. consumer confidence data.
"A flatter yield curve suggests some fears the Fed may overdo the eventual hiking cycle," cautioned Tapas Strickland, a director of economics at NAB. The market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125per cent.
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