Grim Milestones Flash for Asian Stocks as Larger Fed Hikes Loom
- New Zealand equities gauge has entered into a bear market
- Singapore stock index is poised to erase year-to-date gains
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Stock market indexes in Asia hit bleak milestones in quick succession on Tuesday as investors grew more worried that aggressive interest rate increases in the US could hit corporate earnings.
The MSCI Asia Pacific Index dropped as much as 2% to its lowest in a month after the world equities gauge entered a bear market overnight before paring losses. New Zealand’s stock index extended its decline to 22% from a peak reached last year, entering a bear market, while Singapore’s measure was poised to wipe out its gains for 2022.