Asian shares fell to their lowest in more than 14 months. Short-term U.S. yields rose to 23-month highs and the dollar strengthened on Thursday after the Federal Reserve’s chairman signaled plans to steadily tighten policy. Concerns that the Fed will increasingly prioritise fighting inflation walloped share markets, erasing a Wall Street rally. 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. MSCI’s broad gauge of regional markets outside Japan down 1.6% in early trade on Thursday at its lowest level since early November 2020. Hong Kong’s and Australian shares fell 2% and Chinese blue-chips were 0.2% lower. . . .
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