Asian Markets Sell Off After US Inflation Fuels Rate Hike Bets
Technology shares led declines as hotter U.S. inflation raised expectations for further Federal Reserve tightening, with KOSPI trading briefly halted after a 5% drop.
- Asian markets opened lower on Thursday as hotter-than-expected US consumer price inflation increased expectations for Federal Reserve interest rate hikes, pressuring regional stocks.
- The US consumer price index rose 3.7% year-on-year in September, exceeding forecasts and sparking Wednesday's Wall Street decline that rippled through global markets.
- Technology shares led the selloff, with South Korea's KOSPI plunging 5.6% and major chipmakers SK Hynix and Kioxia Holdings dropping 11.4% and 11.2% respectively.
- Investor attention now shifts to speeches from Federal Reserve officials in Bangkok, including Chair Kevin Warsh, for clues on the central bank's next policy move.
- Fed funds futures now price a 31.6% probability of a 25-basis-point hike at the October 28 meeting, while the 10-year Treasury bond yield fell 4.4 basis points.
76 Articles
76 Articles
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