The Exchange Square Complex, which houses the Hong Kong Stock Exchange, in Hong Kong on July 13 2022. Picture: BLOOMBERG/PAUL YEUNG
Japan’s Nikkei bucked the trend by rising 0.6%, helped by the yen’s weakness against the dollar boosting exporters. Market pricing on the CME’s Fedwatch tool currently indicates a 78% chance of a 100 basis increase, though Oliver said this could be a knee-jerk reaction to the high CPI reading. US two-year yields, which reflect interest rate expectations, were last at 3.121%, just off an overnight four-week high, increasing their lead on US benchmark 10 year yields which were at 2.9558%.
Singapore’s central bank also tightened its monetary policy on Thursday, in an off-cycle move hoping to slow inflation, sending the local currency up 0.7%.
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