Overnight Market Wrap: 28 September 2022

Overnight Market Wrap: 28 September 2022

Key Points:

  • Equities decline in Japan, Hong Kong, Korea and Australia
  • Dollar gauge sets fresh record high as investors seek shelter

Asian equities followed US shares lower after hawkish comments from Federal Reserve officials, while the dollar touched a fresh high after a White House official ruled out a currency agreement to weaken the greenback.

A gauge of Asian stocks fell as markets in Japan, Hong Kong Australia dropped from the open. US futures dropped after the S&P 500 capped its worst run since early 2020.

The offshore yuan fell to a record low as sentiment was damped by the Fed’s tightening stance. The pound and the euro also slipped while the yen held steady versus the greenback.

The yield on the US 10-year Treasury note approached 4% to touch the highest level since early 2010. Rates on similar dated Australia bonds reached a three-month high while Japan’s benchmark yield closed at the upper limit of the central bank’s target band on Tuesday.

European gas prices rose while worries about slowing global growth weighed on other raw materials, sending a Bloomberg index of commodity prices to the lowest level since February. West Texas Intermediate crude fell in early Asian trading and remained below $80 per barrel.

UK markets were again in turmoil days after the new prime minister unveiled sweeping tax cuts that threaten to add to inflationary pressures. The 30-year UK government bond yield topped 5% for the first time in two decades.

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