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Asian stocks stumble as Wall St optimism peters out

The Star Business LogoThe Star Business1 mo ago

Asian stocks stumble as Wall St optimism peters out

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TOKYO: Asian stocks slipped in volatile trade on Wednesday, failing to extend Wall Street's rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar.

The gap between low interest rates in Japan and rising U.S.rates has been weighing on the yen JPY=, which hit a new 24-year low of 136.71 per dollar in early trading, before drifting firmer to 136.

"I think that this recent post-holiday bear market rally is a reflection of the uncertainty that investors have regarding whether we have seen the peak of inflation and Fed hawkishness or not – I think we're close," said Invesco global market strategist for Asia Pacific David Chao.


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Article Details

Author / Journalist: The Star Online

Category: Economy

Topics: Wall Street Nikkei Stocks /Business/Business News Optimism Asian MSCI Markets Stumble

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-22, 10:58:00

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Reading Time: 4 minutes read

Article Length: 641 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 2801

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About The Star Business

The Star Business Logo

Main Topics: Economy

Official Website: thestar.com.my

Update Frequency: 34 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 13h ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #22

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