Overnight Market Wrap: 8 September 2022

Overnight Market Wrap: 8 September 2022

Key Points:

  • Stock Rebound in Asia Is Tempered by a Firm Dollar
  • An Asian equity gauge climbs from the lowest level since 2020
  • Oil trims a plunge that aided bonds by easing inflation fears

An Asian stock gauge rebounded Thursday from the lowest level since 2020 but the move trailed a Wall Street rally as the dollar renewed its climb and crude oil edged higher

Japan paced a 0.8% rise in the regional index that fell short of rallies of about 2% in the S&P 500 and Nasdaq 100 overnight. Hong Kong and China were subdued and US futures fluctuated as traders evaluated the stock revival.

A dollar gauge rose and remains near a record. Greenback strength has rattled currencies like the yen and the pound, which earlier hit the lowest since 1985.

Treasuries held a climb, leaving the 10-year yield at 3.25%. Bonds got a boost from an oil plunge that put the spotlight on the possibility of cooling inflation. Australian 10-year yields slid as much as 12 basis points, with investors awaiting a speech by the nation’s central bank governor.

While oil has trimmed some of its retreat, this week’s swoon flags demand risks from a wave of monetary tightening and China’s Covid travails — the megacity of Chengdu extended a weeklong lockdown in most downtown areas.

Fed officials reiterated their determination to get inflation under control. Vice Chair Lael Brainard said interest rates will need to rise to restrictive levels, while cautioning risks would become more two-sided in the future. Chair Jerome Powell is due to speak on Thursday.

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