{"id":139195,"date":"2021-09-20T03:33:49","date_gmt":"2021-09-20T03:33:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139195"},"modified":"2021-09-20T03:33:49","modified_gmt":"2021-09-20T03:33:49","slug":"asia-stocks-on-the-skids-hk-hits-11-month-low","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/asia-stocks-on-the-skids-hk-hits-11-month-low\/","title":{"rendered":"Asia stocks on the skids, HK hits 11-month low"},"content":{"rendered":"

SYDNEY (Reuters) – Asian shares slid and the dollar held firm on Monday ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.<\/p>

FILE PHOTO: A man looks at a board showing stock prices outside a brokerage in Tokyo, Japan, January 6, 2020. REUTERS\/Kim Kyung-Hoon<\/figcaption>

Holidays in Japan, China and South Korea made for thin conditions, and politics added extra uncertainty with elections in Canada and Germany bookending the week.<\/p>\n

The fate of Chinese property giant Evergrande, and its $300 billion in liabilities, is also in the balance with a bond interest payment due on Thursday.<\/p>\n

Concerns about the health of China\u2019s economy and Beijing\u2019s crackdown on tech firms continues to haunt the region, with stocks in Hong Kong skidding more than 3% to their lowest in almost 11 months.<\/p>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan slid another 1.4%, after shedding 2.5% last week, with Australia down 1.5%.<\/p>\n

Japan\u2019s Nikkei was shut, but futures were 400 points below the Friday cash close. The market could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.<\/p>\n

Nasdaq futures eased 0.5% and S&P 500 futures fell 0.3%, with Wall Street ending last week on a soft note after disappointing U.S. consumer confidence data.<\/p>\n

The Fed is still expected to lay the groundwork for a tapering at its policy meeting on Tuesday and Wednesday, though the consensus is for an actual announcement to be delayed until the November or December meetings.<\/p>\n

Yields on 10-year Treasuries touched a two-month top and the curve flattened ahead of the meeting.[US\/]<\/p>\n

\u201cA flatter yield curve suggests some fears the Fed may overdo the eventual hiking cycle,\u201d cautioned Tapas Strickland, a director of economics at NAB.<\/p>\n

He noted only 2-3 FOMC members would need to shift their \u201cdot plot\u201d forecasts for a hike in 2022 to make it the median, given seven of 18 had already tipped a move next year.<\/p>\n

\u201cThe Fed will also have dots for 2024 which will give an indication of the steepness of the potential hiking cycle.\u201d<\/p>\n

The market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125%.<\/p>\n

Central banks in the EU, Japan, UK, Switzerland, Sweden, Norway, Indonesia, the Philippines, Taiwan , Brazil, South Africa, Turkey and Hungary all have meetings this week.<\/p>\n

The Norges Bank is expected to be the first in the G10 to raise interest rates.<\/p>\n

Higher U.S. yields has combined with general risk aversion to benefit the dollar which was up near a one-month high at 93.303 on a basket of currencies.<\/p>\n

It was range bound on the yen at 109.96, while the euro was near its lowest in three weeks at $1.1717 in part on uncertainty ahead of Germany\u2019s election this weekend.<\/p>\n

Canada goes to the polls on Monday with the race too close to call.<\/p>\n

The firmer dollar weighed on gold, which was pinned at $1,749 an ounceafter losing 1.9% last week.<\/p>\n

Oil prices eased as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output. [O\/R]<\/p>\n

Brent fell 54 cents to $74.80 a barrel, while U.S. crude lost 57 cents to $71.40.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SYDNEY (Reuters) – Asian shares slid and<\/p>\n","protected":false},"author":3,"featured_media":139194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nAsia stocks on the skids, HK hits 11-month low - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/asia-stocks-on-the-skids-hk-hits-11-month-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia stocks on the skids, HK hits 11-month low - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"SYDNEY (Reuters) – Asian shares slid and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/asia-stocks-on-the-skids-hk-hits-11-month-low\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-20T03:33:49+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Asia-stocks-on-the-skids-HK-hits-11-month-low.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/asia-stocks-on-the-skids-hk-hits-11-month-low\/\",\"url\":\"https:\/\/precoinnews.com\/business\/asia-stocks-on-the-skids-hk-hits-11-month-low\/\",\"name\":\"Asia stocks on the skids, HK hits 11-month low - 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