Asian Market Update : Epic Research Singapore

Asian stocks fell to a two-month low on Wednesday as nervous markets recoiled on worries about an earlier US interest rate hike, while such a prospect helped send the dollar to a 12-year high against the euro.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent after touching its lowest since January. Australian and South Korean shares each lost 0.5 per cent and Malaysian and Indonesian stocks also declined.

Riskier assets both in the United States and elsewhere have come under pressure after Friday's robust US employment data increased expectations that the Federal Reserve could raise rates as soon as June -a prospect that appeared relatively more remote a few weeks prior.

The possibility of higher US yields siphoning away funds from riskier assets gave the S&P 500, at a record high two weeks ago, its worst decline in two months overnight and emerging market stocks declined to their lowest since early January.

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