- After strong labour market data reinforced expectations for more aggressive interest rate hikes from the Federal Reserve, stocks opened the week lower amid growing concern about the impact of tightening monetary policy.
- Asian equities fell, led by Hong Kong tech stocks, while US futures also fell. Chinese investors returned from a week-long hiatus just as the US tightened restrictions on access to semiconductor technology, and as covid cases rebounded ahead of a congress set to give Xi Jinping a third term.
- Bond yields in Australia and New Zealand rose on Friday, following gains in US treasury yields on Friday, which confirmed bets that the Fed will raise rates by 75 basis points for the fourth time next month. Around 95% of companies in the S&P500 slid, while the Nasdaq 100 dropped nearly 4%.
- The dollar fluctuated against its G-10 counterparts as investors weighed central banks' campaign to combat inflation with higher borrowing costs. China set its yuan reference rate higher than expected for the 28th day.
