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☆ Asia stumbles as China COVID, sterling wobbles shake sentiment
▼ + stars: | 2022-10-12 | by ( Kanupriya Kapoor | ) www.reuters.com time to read: +4 min

Sterling rose 0.4% to $1.1008 in late Asian trade but there are broader concerns about the direction of policy in Britain. In Japan, the rampaging dollar breached 146 yen for the first time in 24 years, prompting authorities in Tokyo to pledge necessary steps in the foreign exchange market if needed. Renewed U.S. dollar strength also sent the risk-sensitive Australian dollar to $0.6247, the lowest since April 2020. U.S. inflation data on Wednesday and Thursday is expected to keep the Fed on an aggressive rate hike path. It was the third straight dip in prices as investors worried about falling fuel demand and tightening COVID-19 curbs in China.

☆ Asian stocks stall, dollar wallops pound and yen
▼ + stars: | 2022-10-12 | by ( Kanupriya Kapoor | ) www.reuters.com time to read: +3 min

SINGAPORE, Oct 12 (Reuters) - Asian stocks wallowed at two-year lows on Wednesday, after a strengthening dollar, instability in the U.K. bond market, and upcoming U.S. inflation data spelled a wild session on Wall Street and further volatility for investors. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.87%, while Seoul's KOSPI index (.KS11) fell 0.41% and Australia's resources-heavy index (.AXJO) was up 0.05%. China's CSI300 index (.CSI300) was down 0.96% in early trade and Hong Kong's Hang Seng index fell 1.94%. The British financial turmoil combined with a burst of U.S. dollar strength that sent the sterling to a two-week low of 1.0949, while the risk-sensitive Australian dollar fell to $0.6247, the lowest since April 2020. It was the third straight dip in prices as investors worried about falling fuel demand and tightening COVID-19 curbs in China.

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