(Bloomberg) -- Asian stocks fell to a two-month low on concerns that US President-elect Donald Trump’s proposed tariffs and picks for key administration posts may stoke inflation.
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Equity benchmarks in Japan, Hong Kong and Australia retreated as a regional gauge touched the weakest level since Sept. 13. The Bloomberg Dollar Spot Index edged higher ahead of a report on US consumer-price inflation, while the yen hovered near the key level of 155 per greenback.
Treasury 10-year yields were little changed after surging 12 basis points on Tuesday. Traders are now pricing in about two US rate cuts through June, against almost four seen at the start of last week. US and European stock futures slipped.
Sentiment toward Asian equities has turned cautious since Trump’s election, as traders expect his planned policies to further drive up inflation and slow the pace of interest-rate cuts. The president-elect’s picks for key government posts are also fueling jitters, as he piles his Cabinet with people set to carry out his “America First” policies on the border, trade, national security and economy.
“While focus remains on Trump 2.0, there has been a slight tilt toward tariff fears which are overpowering the expectations of tax cuts given the announcements of China hawks being elevated to key positions in Trump’s cabinets,” said Charu Chanana, chief investment strategist at Saxo Markets.
The US election outcome continues to reverberate across the globe, with an MSCI gauge of equities excluding the US capping its worst day since the Aug. 5 global rout. An index of developing-market currencies has lost more than 1% following the US vote, coming close to erasing this year’s gains.
Meanwhile, China indicated its discomfort with yuan weakness through its daily reference rate for the currency amid the threat of higher US tariffs under a Trump administration. The fixing was 445 pips stronger than the average estimate in a Bloomberg survey.
Beijing started marketing dollar bonds in Saudi Arabia, marking the country’s first debt sale in the US currency since 2021.
On the economic front, US data due Wednesday may reinforce concerns about an acceleration in inflation, with analysts predicting that the overall consumer price index probably increased 0.2% for a fourth month.
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