Stocks extend sell-off, dollar firm on global growth fears

27/4/2022 5:50:00 AM

Stocks extend sell-off, dollar firm on global growth fears

Stocks extend sell-off, dollar firm on global growth fears

A global stocks sell-off extended into the Asia morning on Wednesday, as growing fears about the global economy forced investors to dump riskier assets in favour of safe havens such as the U.S. dollar and government bonds.Financial markets, already anxious about the prospects for aggressive U.S. interest

LinkedIn A global stocks sell-off extended into the Asia morning on Wednesday, as growing fears about the global economy forced investors to dump riskier assets in favour of safe havens such as the U.LinkedIn HONG KONG : Asian shares were cautiously higher on Tuesday after a late revival on Wall street, though global growth fears stoked by China’s stringent COVID-19 curbs and an expected streak of aggressive Federal Reserve tightening sapped risk appetite.Human rights and the future of Asean Simone Galimberti The Jakarta Post, Indonesia This year will mark the 10th anniversary of the Asean Human Rights Declaration and there is no better place than Phnom Penh to celebrate the achievement.Inside the Child Protective Service.

S.dollar and government bonds.8 per cent, helped by China’s blue chip index adding 0.Financial markets, already anxious about the prospects for aggressive U.In truth, this can also be an opportunity to encourage the chairman of Asean, Prime Minister Hun Sen of Cambodia, to reflect on the sad state of human rights with us all.S.Hong Kong’s benchmark Hang Seng Index also bounced 0.interest rate hikes, a spike in global inflation and the Ukraine war, were rattled this week over slowdown fears in China as Beijing stuck firm to stringent COVID-19 lockdowns.Following a distribution deal with Netflix in 2021, close to 39 hours of CNA-produced documentaries were made available for the first time on the streaming platform.

News of Russia cutting gas supplies to Eastern Europe added to the sombre mood, sending the MSCI world equity index slumping to a 13-month low.Yet sentiment remained fragile, after Twitter Inc shares rose on news that Elon Musk, the world's richest person, clinked a deal to pay $44 billion cash for the social media platform populated by millions of users and global leaders.This is an admirable aim, but I do wonder if there is a real willingness to do so rather than just stating the usual tokenistic propositions.There was little let-up in the selling in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.1 per cent to its lowest level since March 15.78 per cent, hurt particularly by declines in miners.Tokyo’s Nikkei and Seoul's KOSPI index were also down sharply by 1.A High-Level Task Force on the Asean Community's Post-2025 Vision was formed and convened on March 31 and April 1 at the Asean Secretariat to look at the rules of its proceedings and start tackling"core elements" of the post-2025 vision.8 per cent and 1.57 per cent.

19 per cent respectively.Chinese blue chips were flat after falling to their lowest in two years on Tuesday and the Hong Kong benchmark fell 0.S.Bread-and-butter issues will surely be coming up in their deliberations but hopefully the less convenient ones will also be tackled.72 per cent.Australian shares were also down 0.The stringent lockdown in China, and its proliferation as cases spread to other big cities like Beijing, is weighing on the economic growth outlook and investment sentiment, said Manishi Raychaudhuri, Asia-Pacific equity strategist at BNP Paribas.73 per cent.The policy shift is a welcome move, and worlds away from the 2016 campaign promise of President Rodrigo Duterte, who vowed to rid the country of drugs in"three to six months" using whatever means necessary.

The catalysts for the latest declines"were yet more bellicose words from Russia over Ukraine, and the announcement that Bulgaria and Poland would see their gas supplies from Russia shut off from today," ING said in a note.On top of the China lockdown worries, markets have also been fretting that an aggressive pace of Fed tightening could derail the global economy, which has only just started to recover from the COVID-19 pandemic hit.Russia, which has been demanding payments for its gas in roubles as sanctions over its invasion of Ukraine bite, said it will halt supplies to Poland and Bulgaria from Wednesday.The move, viewed as a major escalation, sent oil and gas prices higher.Lockdown in China’s financial hub Shanghai has dragged into a fourth week, as authorities stick to their “dynamic zero-Covid” policy to combat the latest outbreak of Omicron cases.According to the Philippine Drug Enforcement Agency, the death toll since the government's drug war started in 2016 stood at 6,221 as at Nov 30 last year.Brent crude futures rose $1.11, or 1.China's offshore yuan was steadier in early trading, at 6.

1 per cent, to $106.If the next administration intends to continue the government's anti-illegal drug campaign, it must learn from the mistakes of the last six years, and commit to the more humane and productive goals of rehabilitation, reintegration and redemption.10 a barrel by 0019 GMT.That helped it recover from a year-low of 6.U.S.The dollar was higher against most peers, with its index against a basket of rivals at 101.West Texas Intermediate crude futures rose 84 cents, or 0.

8 per cent, to $102.Benchmark US 10-year yields were steady at 2.54 a barrel.China's central bank said this week it would support its economy as worries grew that Beijing's insistence on continuing with a"zero-COVID" policy would harm domestic and global growth while further intensifying supply snags.Treasury yields retreated on Monday from hawkish Fed-induced highs, as the China lockdown and growth fears sent investors to the safety of U.The dollar, which hit a two-year high this week, rallied further against a basket of rival currencies to 102.34, as did gold, which edged higher to settle at $1,903 an ounce.bonds.

Safety flows have also supported the yen, which lifted away from recent lows to a one-week high of 126.96 and overnight enjoyed its best day on the struggling British pound in more than two years.In early trade in Asia, U.Analysts say markets worry that an expected streak of rate increases by the Federal Reserve could hurt growth just when many economies have started to recover from the pandemic-driven slumps.Investors have also been fretting about volatile commodity prices in the wake of the Ukraine war, with the International Monetary Fund warning this week about stagflationary risks in Asia.crude steadied a bit, up 0.The overnight sell-off on Wall Street underlined investor anxiety about the hit to earnings, with the Nasdaq down 4 per cent, its lowest since late 2020.

After market close, Google’s parent Alphabet Inc reported its first quarterly revenue miss of the pandemic and was down about 3 per cent.59 per barrel and Brent was at $102.Microsoft Corp fell 4 per cent ahead of its results but recovered once it forecast double-digit revenue growth next year.Nasdaq futures were down 0.1 per cent.28 per cent."I think with where the market is right now, in this indiscriminate selling and fear phase, I think you've got more potential for downside risk than you have for an upside surprise," said Ross Mayfield, an investment strategist at Baird in Louisville, Kentucky.3 per cent to $1,902.

U.S.Source: Reuters.treasury yields also slipped on safety-bid, with the yield on benchmark 10-year Treasury notes down 5.5 basis points to 2.772 per cent, while yields on three-month bills to 30-year bonds were all lower on the day.

(Editing by Shri Navaratnam).

Read more:
CNA »
Loading news...
Failed to load news.

Asia shares edge up, sentiment fragile on China growth fearsHONG KONG : Asian shares were cautiously higher on Tuesday after a late revival on Wall street, though global growth fears stoked by China’s stringent COVID-19 curbs and an expected streak of aggressive Federal Reserve tightening sapped risk appetite.MSCI's broadest index of Asia-Pacific shares outside

Human rights left behind in Asia?

CNA documentary Inside Maximum Security to air on Netflix and Discovery AsiaSINGAPORE: The groundbreaking CNA documentary, Inside Maximum Security, will be available to more viewers across the region, with the four-part series debuting on Netflix on Apr 28 and on Discovery Asia in June. Produced

First probable case of children's mystery liver disease detected in Asia

Asia facing 'stagflationary outlook' amid Ukraine war: IMFTOKYO: The Asian region faces a \u0022stagflationary\u0022 outlook with economic growth being lower than previously expected and inflation being higher, a senior International Monetary Fund (IMF) official said on Tuesday (Apr 26). \u0022Monetary tightening will be needed in most countries, with the speed of tightening de

IMF says Asia faces 'stagflationary' economic outlookTOKYO : The Asian region faces a 'stagflationary' outlook with economic growth being lower than previously expected and inflation being higher, a senior International Monetary Fund (IMF) official said on Tuesday.'Monetary tightening will be needed in most countries, with the speed of tightening depending