MSCI’s all-country index hit its lowest level since early July on Thursday
might stay higher for longer, contributing, along with China’s economic woes, to world stocks languishing at five-week lows.
Those minutes showed policy makers were divided over the need for more interest rate increases, with some citing the risk to the economy of pushing hikes too far. “What’s interesting is usually when you have volatility around rates that’s the market trying to price in a higher fed funds rate, what’s happening here is the market is pricing out cuts, or at least delaying them till later,” said Chaar.
The latest development was embattled asset manager Zhongzhi Enterprise Group saying it will conduct a debt restructuring, a further sign of turmoil in China’s $3 trillion shadow banking sector. “I still think that there will be more action coming from policymakers,” Herald van der Linde, chief Asia equity strategist at HSBC, told the Reuters Global Markets Forum. “It just takes a bit of time.”
The Japanese yen touched a nine-month low of 146.57 per dollar earlier in the session, with traders keeping a vigil on possible intervention chatter from Japanese officials.
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