SINGAPORE : Asian shares slipped on Thursday after a surprise interest rate hike by Bank of Canada revived worries that U.S. rates could stay higher for longer and the Federal Reserve could remain hawkish when it meets next week. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.53 per
SINGAPORE : Asian shares slipped on Thursday after a surprise interest rate hike by Bank of Canada revived worries that U.S. rates could stay higher for longer and the Federal Reserve could remain hawkish when it meets next week.
The move from the BoC comes after Australia's central bank also stunned markets by hiking interest rates earlier this week. The Reserve Bank of Australia also warned of more rate hikes to temper rising pricing pressures. Economists polled by Reuters expect the Fed to not raise rates at its June 13-14 meeting, but a significant minority expects at least one more hike this year.
Treasury yields were stable in early Asian hours after surging overnight after the move from Canada's central bank. In the currency market, the dollar index, which measures the U.S. currency against six major peers, eased 0.029 per cent, with the euro up 0.09 per cent to $1.0707.
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