Stocks in Asia on the nose, Australian market loses nearly 2 percent

Lola Evans
23 Sep 2022, 16:51 GMT+10

Stocks in Asia were sold off sharply across the board on Friday.
"It's reality coming through."
"You had a market that believed rates were coming down next year...now that's changed a lot."

SYDNEY, NSW, Australia - Stocks in Asia were sold off sharply across the board on Friday. Bonds dived as yields shot higher. The U.S. dollar spent the day consolidating recent gains spurred by this week's Federal Reserve 75 basis points rate hike.

"It's reality coming through," Sean Taylor, Asia-Pacific chief investment officer at DWS in Hong Kong told Reuters news agency Friday.

"You had a market that believed rates were coming down next year...now that's changed a lot," he said. "And the equity market is now adjusting to that."

In Japan, the Nikkei 225 fell 159.30 points or 0.58 percent to 27,153.83.

The Australian All Ordinaries was off 132.70 points or 1.92 percent at 6,788.70.

In New Zealand, the S&P/NZX 50 declined 83.50 points or 0.72 percent to 11,434.82.

South Korea's Kospi Composite tumbled 39.43 points or 1.69 percent to 2,292.58.

The Hang Seng in Hong Kong dived 214.68 points or 1.18 percent to 17,933.27.

China's Shanghai Composite was off 20.54 points or 0.66 percent at 3,088.37.

The U.S. dollar was little changed during the Asian time zone on Friday. The euro drifted lower to 0.9826 by the Sydney close Friday. The British pound was slightly lower at 1.1236. The Japanese yen was a tad stronger at 142.18. The Swiss franc weakened to 0.9779.

The Canadian dollar was unchanged at 1.3490. The Australian dollar was a fraction stronger at 0.6627. The New Zealand dollar edged lower to 0.5836.

Overnight on Wall Street, the Nasdaq Composite shed 153.39 points or 1.37 percent to close Thursday at 11,066.81.

The Standard and Poor's 500 dropped 31.94 points or 0.84 percent to 3,757.99.

The Dow Jones industrials declined 107.10 points or 0.35 percent to 30,076.68.

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