Tokyo banks index on course for steepest drop in nearly six months
Singapore — Asia’s share markets slid on Tuesday, with financial stocks in Tokyo leading losses as fear of a US banking crisis had investors fleeing the sector and slashing the interest rate outlook ahead of US inflation data due later in the day.
Heavy selling hit US regional bank stocks overnight and traders raced away from bets on US rate hikes, believing the instability would turn policymakers cautious. S&P 500 futures stabilised in Asia trade and were last up 0.6%. “Arguably, liquidity measures should have stopped these dynamics, but Main Street has been watching news and queues, not financial plumbing,” he said. “Fear has started to feed on itself, and higher uncertainty by itself has triggered its own deleveraging and de-risking dynamics.”
Meanwhile bonds in Australia and Korea enjoyed their best gains in a decade on the radically changed outlook.
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