Asia stocks stagger into September as dollar spikes - Doo Prime News
Doo Prime News > Industry Dynamics > Asia stocks stagger into September as dollar spikes

SYDNEY, Sept 1 (Reuters) – Asian stocks slid and the dollar spiked on Thursday as investors greeted September by selling everything that was not nailed down after a month battered by concerns about aggressive rate hikes from global policymakers. 

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slumped 1.3% in early Asia trade, following a slide in U.S. stock futures. The S&P 500 futures dropped 0.6%, while Nasdaq futures declined 1.1%. 

Full coverage: REUTERS

Yen Hits 24-year Low, 140 Level Beckons As Hike Bets Buoy Dollar

SINGAPORE/TOKYO, Sept 1 (Reuters) – The dollar rose broadly on Thursday, particularly against the yen, as investors braced for higher U.S. interest rates while expecting anchored Japanese rates to go nowhere anytime soon. 

The greenback hit a 24-year high of 139.69 against the yen in early Asia trade, a gain of about 0.5% on the previous day’s close. 

“The main driver remains rate differentials between Japan and the U.S., and even today’s price action just follows the overnight move higher in U.S. rates. And we think the path ahead is going to depend on how U.S. rates behave,” said Sosuke Nakamura, a strategist at JPMorgan in Tokyo. 

Full coverage: REUTERS

Asia’s Factory Activity Slumps On China’s COVID Curbs, U.S. Slowdown

TOKYO, Sept 1 (Reuters) – Asia’s factory activity slumped in August as China’s zero COVID curbs and cost pressures continued to hurt businesses, surveys showed on Thursday, darkening the outlook for the region’s fragile recovery. 

Manufacturing activity was weak in countries ranging from Japan, China, South Korea to Taiwan in a sign sluggish demand was adding to headaches for companies already suffering from lingering supply constraints. 

Full coverage: REUTERS

IMF Provisionally Agrees On $2.9 Bln Loan For Sri Lanka

COLOMBO, Sept 1 (Reuters) – Sri Lanka has reached a preliminary agreement with the International Monetary Fund (IMF) for a loan of about $2.9 billion, the global lender said on Thursday, as the country seeks a way out its worst economic crisis in decades. 

The agreement, which Reuters first reported on Wednesday, is subject to approval by IMF management and its executive board, and is contingent on Sri Lankan authorities following through with previously agreed measures. 

Full coverage: REUTERS

Rio Tinto Agrees To $3.3 Bln Deal For Rest Of Turquoise Hill

Sept 1 (Reuters) – Rio Tinto (RIO.AX), (RIO.L) on Thursday reached an in-principle agreement to buy the rest of Canadian firm Turquoise Hill Resources (TRQ.TO) for $3.3 billion, which gives the global miner direct ownership of a giant copper mine in Mongolia. 

Rio will pay C$43 per share in cash for the 49% of Turquoise Hill it does not already own, a more than 19% premium to the stock’s last close and higher than a sweetened offer of C$40 apiece proposed last month. 

Full coverage: REUTERS

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