That has dealt a blow to hopes the central bank would stop hiking soon and even begin cutting rates before the end of the year. The prospect of tighter policy has also fanned fears of a recession.
Hong Kong led losses, shedding more than one percent, while Tokyo, Sydney, Singapore, Jakarta, Bangkok and Wellington were also down.After enjoying a strong January, markets stuttered this month as hopes for a rate cut subsided. SPI Asset Management’s Stephen Innes said dealers were also still assessing China’s reopening.
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