Insurers, banks, miners and consumer stocks were among the biggest losers across Asia's markets as worries grow that a potential credit crunch can worsen a looming economic slowdown.
Bonds have soared while markets have radically re-priced the interest rate outlook, betting central banks will be quickly cutting rates while stability fears rattle the financial system. ECB policymakers had flagged a 50 basis point hike and President Christine Lagarde was just this month saying it was very likely. But market pricing implies just a 10% chance of that happening now and traders are on edge about the outcome.
"I think it's going to be a very volatile period until we get this out of the way...it feels like at these interest rate levels the risk of finding that you've lifted a stone and something ugly is underneath gets higher."
just wait x CreditSuisse 📉
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