\n<\/p>\n
Asian stocks slumped on Friday, pressured by strength in U.S. Treasury yields amid hawkish Fed bets. <\/p>\n
The dollar stood tall after U.S. Federal Reserve Chairman Jerome Powell toughened his stance on inflation, saying “there’s something in the idea of front-loading” aggressive rate hikes.<\/p>\n
Money markets<\/span> now fully price in a half-point Fed move in May and two 75 bps hikes in June and July FOMC meetings. <\/p>\n Chinese shares ended slightly higher as authorities vowed to provide more support to hard-hit firms amid crippling COVID outbreaks. <\/p>\n The China Securities Regulatory Commission said in a statement that it urged institutional investors including the National Social Security Fund, banks, and insurers to invest more in equities.<\/p>\n The benchmark Shanghai Composite index edged up 0.23 percent to 3,086.92 while Hong Kong’s Hang Seng index settled 0.21 percent lower at 20,638.52.<\/p>\n Japan’s Nikkei index fell 1.63 percent to 27,105.26, retreating for the first time in four sessions tracking Wall Street’s overnight weakness. Tokyo Electron, Fast Retailing and SoftBank Group lost 2-3 percent while Toshiba jumped 4.7 percent after saying it would solicit deal offers.<\/p>\n Japan’s key consumer prices advanced in March at the fastest pace in more than two years, while manufacturing activity grew at a slower rate in April, separate reports showed. <\/p>\n Australian markets lost ground to snap a five-day winning streak. The benchmark S&P\/ASX 200 index fell 1.57 percent at 7,473.30 with miners underperforming on concerns over demand weakness from top steel producer China. Tech stocks and gold miners also saw broad-based declines.<\/p>\n South Korea’s Kospi average ended down 0.86 percent at 2,704.71, with tech heavyweights Samsung Electronics and SK Hynix losing 1-2 percent. <\/p>\n New Zealand’s NZX-50 index dropped 0.38 percent to 11,908.40 on interest-rate concerns. Air New Zealand shares surged 4.7 percent while the rights soared 15.3 percent. <\/p>\n U.S. stocks pulled back sharply overnight, the dollar gained and Treasury yields rose across the curve after Fed Chair Jerome Powell said he saw merit in “front-end loading” policy moves, including a 50 basis point rate hike at the May FOMC meeting.<\/p>\n The tech-heavy Nasdaq Composite tumbled 2.1 percent to reach its lowest closing level in over a month, while the Dow gave up 1.1 percent and the S&P 500 shed 1.5 percent. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n