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U.S. yields rise, Asian shares and European futures tumble as Powell warns on inflation

By Andrew Galbraith SHANGHAI (Reuters) - Asian shares plunged to their lowest in nearly 15 months, short-term U.S. yields hit 23-month highs and the dollar strengthened on...
U.S. yields rise, Asian shares and European futures tumble as Powell warns on inflation © Reuters. Passersby wearing protective face masks walk past a stock quotation board, amid the coronavirus disease (COVID-19) pandemic, in Tokyo, Japan January 25, 2022. REUTERS/Issei Kato

By Andrew Galbraith

SHANGHAI (Reuters) - Asian shares plunged to their lowest in nearly 15 months, short-term U.S. yields hit 23-month highs and the dollar strengthened on Thursday after the Federal Reserve's chairman signalled plans to steadily tighten policy.

The share rout looked set to continue into European and U.S. trading. Pan-region Euro Stoxx 50 futures tumbled 2.88%, FTSE futures lost 1.98%, Nasdaq futures dropped 1.73% and S&P 500 e-minis shed 1.56%.

At the same time, rising investor concerns over political tensions between Russia and Ukraine exacerbated worries over tight energy market supply, keeping oil prices elevated at multi-year highs despite some profit-taking.

In its latest policy update on Wednesday, the Fed indicated it is likely to raise U.S. interest rates in March, as has been widely expected, and reaffirmed plans to end its bond purchases that month before launching a significant reduction in its asset holdings.

But in the follow-up press conference, Powell warned that inflation remains above the Fed's long-run goal and supply chain issues may be more persistent than previously thought.

"There was a marked shift in terms of a relatively dovish statement and then a relatively hawkish press conference," said David Chao, global market strategist, Asia Pacific (ex-Japan) at Invesco.

"Powell (is) not committing to the size or the frequency of rate hikes and also the timing of the balance sheet reduction. I think that buys him a bit of wiggle room as to how quickly and with what velocity he wants to normalise monetary policy in the U.S." said Chao, adding that moves would depend on upcoming economic data.

Fed funds futures showed traders pricing in as many as five hikes by December, after previously fully pricing for four increases. [FEDWATCH]

Concerns that the Fed will increasingly prioritise fighting inflation walloped share markets. MSCI's broad gauge of regional markets outside Japan fell 2.2% on Thursday to its lowest level since Nov. 5, 2020, and is on track for its worst week since Feb. 2021.

Hong Kong's Hang Seng index fell 2.4%, Australian shares lost 1.77% and Chinese blue-chips dropped to their lowest level since Sept. 30, 2020 as Refinitiv flows data pointed to heavy selling by foreign investors through the country's Stock Connect scheme.

In Tokyo, the Nikkei fell more than 3%, touching its lowest point since Nov. 2020.

U.S. YIELDS JUMP

Expectations of Fed tightening sent the policy-sensitive U.S. 2-year yield to a top of 1.1920% in Asian trade, a level last reached in February 2020. The benchmark 10-year yield was steady at 1.8495% having hit a high of 1.88% on Wednesday.

These in turn helped the dollar, lifting the dollar index, which measures the greenback against major peers, to 96.604, near five-week highs..

The greenback rested against the yen on Thursday at 114.6 yen per dollar, having gained 0.67% the day before, while the euro was at a six-week low of $1.2301

"The interesting play seems to be that yield differentials matter again, so we've got a decent set-up on dollar-yen. If you look at the yield differential between the 2-year on the U.S. and the Japanese, it's just shot up," said Matt Simpson, senior market analyst at City Index in Sydney.

The spread between the U.S. and Japanese 2-year yield widened to 124.22 basis points on Thursday, its highest since late February 2020.

In commodities markets, oil prices eased but remained elevated near $90 per barrel, a level last seen in October 2014, on festering tensions between Russia and Ukraine.

The United States said on Wednesday it had set out a diplomatic path to address sweeping Russian demands in eastern Europe, as Moscow held security talks with Western countries and intensified its military build-up near Ukraine with new drills.

On Thursday, global benchmark Brent crude fell 0.8% on profit taking to $89.15 per barrel. U.S. West Texas Intermediate crude was down 0.94% at $86.53.

U.S. officials say they are in talks with major energy-producing countries and companies worldwide over a potential diversion of supplies to Europe if Russia invades Ukraine, although the White House said it faces challenges finding alternative sources of energy supplies.

Spot gold slipped 0.3% to $1,813 an ounce, having been as high as $1,853.6 earlier in the week.

"When you see gold falling with stocks it's usually a signal that things aren't so well, but you can really tie everything back to the Fed raising rates, the dollar screaming higher with the yields, everything else is going the opposite way," said Simpson at City Index.

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27-05-2022 20:01:32 (UTC+7)

EUR/USD

1.0715

-0.0009 (-0.08%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (6)

Sell (2)

EUR/USD

1.0715

-0.0009 (-0.08%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (6)

Sell (2)

GBP/USD

1.2626

+0.0032 (+0.25%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (3)

USD/JPY

127.04

-0.10 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.7143

+0.0046 (+0.64%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (8)

USD/CAD

1.2732

-0.0040 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

EUR/JPY

136.13

-0.21 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

1.0263

-0.0025 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

Gold Futures

1,854.43

+6.83 (+0.37%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (1)

Silver Futures

22.297

+0.332 (+1.51%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Copper Futures

4.2890

+0.0300 (+0.70%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

113.69

-0.40 (-0.35%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Brent Oil Futures

113.93

-0.24 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Natural Gas Futures

8.425

-0.470 (-5.28%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (0)

US Coffee C Futures

225.75

-0.85 (-0.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Euro Stoxx 50

3,786.05

+45.74 (+1.22%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (4)

S&P 500

4,057.84

+79.11 (+1.99%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

14,382.15

+150.86 (+1.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,594.10

+29.18 (+0.39%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (5)

Hang Seng

20,697.36

+581.16 (+2.89%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

US Small Cap 2000

1,838.24

+39.07 (+2.17%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (5)

IBEX 35

8,930.86

+42.06 (+0.47%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

51.020

+0.230 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Bayer AG NA

65.75

-0.15 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

Allianz SE VNA O.N.

199.54

+0.74 (+0.37%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (6)

Adidas AG

178.71

+1.95 (+1.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Deutsche Lufthansa AG

6.886

+0.036 (+0.53%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Siemens AG Class N

121.50

+2.98 (+2.51%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (4)

Sell (4)

Deutsche Bank AG

10.414

0.000 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

 EUR/USD1.0715↑ Sell
 GBP/USD1.2626Neutral
 USD/JPY127.04↑ Buy
 AUD/USD0.7143↑ Sell
 USD/CAD1.2732↑ Sell
 EUR/JPY136.13↑ Buy
 EUR/CHF1.0263↑ Buy
 Gold1,854.43↑ Buy
 Silver22.297↑ Buy
 Copper4.2890↑ Buy
 Crude Oil WTI113.69↑ Buy
 Brent Oil113.93↑ Buy
 Natural Gas8.425Neutral
 US Coffee C225.75↑ Buy
 Euro Stoxx 503,786.05↑ Buy
 S&P 5004,057.84↑ Sell
 DAX14,382.15↑ Buy
 FTSE 1007,594.10Neutral
 Hang Seng20,697.36↑ Buy
 Small Cap 20001,838.24Buy
 IBEX 358,930.86↑ Buy
 BASF51.020↑ Buy
 Bayer65.75↑ Buy
 Allianz199.54Neutral
 Adidas178.71↑ Buy
 Lufthansa6.886↑ Buy
 Siemens AG121.50Buy
 Deutsche Bank AG10.414↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(10/ 20) # 1,716
SJC HCM6,855/ 6,955
(25/ 25) # 1,731
SJC Hanoi6,855/ 6,957
(25/ 25) # 1,733
SJC Danang6,855/ 6,957
(25/ 25) # 1,733
SJC Nhatrang6,855/ 6,957
(25/ 25) # 1,733
SJC Cantho6,855/ 6,957
(25/ 25) # 1,733
Cập nhật 27-05-2022 20:02:04
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ↀ Giá vàng thế giới
$1,853.82+0.910.05%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$112.64+0.340.30%
Brent$113.85+0.590.52%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.030,0023.340,00
EUR24.263,1125.622,23
GBP28.523,9629.740,84
JPY177,60188,03
KRW15,9119,38
Cập nhật lúc 18:54:46 27/05/2022
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