Asian stocks at 9-month lows due to concerns about China’s economy and US interest rates.

By Ankur Banerjee

SINGAPORE (Reuters) ​–

Asian Shares Slide to Nine-Month Lows​ as ⁤Fears Over China’s Economic Recovery and Fed’s Interest Rate Hikes Rattle Investors

MSCI’s⁤ broadest index of Asia-Pacific shares outside‌ Japan slid to 495.03, its lowest since Nov. 29. It was last down ⁤1.14% at 497.11, with the index down​ 8% for August and set ​for its worst monthly performance​ since September.

Losses were broad-based across Asia Pacific on Thursday, with Japan’s​ Nikkei and Australia’s S&P/ASX ‍200 index down 1%.

China’s blue-chip CSI⁢ 300 Index was ⁤0.45% lower, while​ the Hong⁢ Kong’s Hang Seng ‍Index fell 1.7% and was ⁣at ⁢near nine month lows.

China stocks​ have been​ in the doldrums as a series of‌ economic data ​has ⁤laid ⁤bare ⁣the stuttering post-pandemic recovery,⁣ with investors so far unimpressed with moves from​ policymakers. ⁤

“Investors looking for more ‌aggressive‌ support‌ from policymakers amid soft activity ⁢have⁣ been disappointed as the recent ‍incremental⁢ measures haven’t been sufficient to ​restore confidence,” said Taylor Nugent, an economist ​at ⁢NAB.

Adding to the⁢ worrying landscape for the ⁣world’s ​second biggest economy is the deepening property sector crisis. Missed payments ​on investment products by a leading Chinese trust firm ⁤and a fall in home prices have enhanced the ​gloom.

Overnight, Wall ​Street ended lower after ‌minutes from the Fed’s July meeting​ showed officials were divided over the need for more interest rate hikes. [.N]

“Some participants” ⁢cited the risks to the economy of pushing rates ⁣too far ⁤even as “most” policymakers ⁣continued to prioritise⁢ the battle against inflation.

The ‌U.S. central ‌bank hiked ​rates by 25 basis points at​ the July meeting after standing pat in ​June. Fed ​Chair Jerome⁣ Powell said at the time the economy still needed ⁢to slow and the labor market‌ to weaken for inflation to “credibly” return to⁢ the U.S. central‍ bank’s 2%⁤ target.

The commentary ⁤from officials, including the hawks⁣ suggest a willingness ⁣to⁢ pause again in September, but to leave the door ajar for a further hike at either November of December meetings, ING economists said in a note.

“We think⁣ the Fed will indeed leave interest ​rates unchanged in ​September, but we⁢ don’t think ⁢it will carry through with​ that‍ final forecast hike,” ⁣they said, pointing out ​that further rate hikes could heighten the chances of recession.

Markets are pricing in an 86% chance‍ of the Fed standing pat next month, ‍CME FedWatch tool ​showed, with a 36% chance of it hiking ‍in its November⁢ meeting.​

Benchmark​ 10-year yields reached 4.288%, the highest since Oct. 21, with⁢ a ⁢16-year ⁣peak of 4.338% in sight. [US/]

The‌ rising yields lifted the⁤ dollar, with the dollar index, which measures the U.S. currency against six rivals, ⁣touching ​a two-month peak of ​103.58 as investors sought safety. [FRX/]

The Japanese yen weakened 0.07% ‌to ​146.42 per dollar, a ⁢fresh nine-month ‍low, as traders kept‌ a⁣ vigil on possible ‍intervention chatter from⁣ Japanese officials. Finance Minister Shunichi Suzuki said on Tuesday authorities were not targeting absolute currency levels for⁤ intervention.

Worries over China and the trajectory of the ‍U.S. interest rates also rattled the commodities market, with ⁤oil prices dropping for the fourth straight session. U.S. crude fell 0.34%‌ to $79.11⁢ per barrel ⁢and Brent ​was at $83.23, down ​0.26%‍ on the day.⁤ [O/R]

(Reporting by Ankur Banerjee; Editing by Muralikumar⁣ Anantharaman)

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