Data showed the US services industry picked up in August, reinforcing expectations for aggressive Fed rate hikes
The stock exchange in Frankfurt, Germany on September 6, 2022. Picture: REUTERS/Staff
Markets took a further hit in Asian trading from data showing China's export growth slowed in August. MSCI's broadest index of Asia-Pacific shares outside Japan fell to its lowest since mid-2020. “This also comes at a time when there’s increasing fears of the global economy slowing down and bond traders are predicting more rate hikes.”
The yen was at ¥144.015/$, having hit its weakest since August 1998 at ¥144.38 per dollar. Japan's government said it wants to act if “rapid, one-sided” moves in the currency market continue.
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