Asia stocks stagger into September as dollar spikes

SYDNEY : Asian stocks slid and the dollar spiked on Thursday as investors greeted September by selling everything that was not nailed down after a month battered by concerns about aggressive rate hikes from global policymakers.

Tech stocks took a hit, dragged lower by a 6.6 per cent after-hour plunge in chip designer Nvidia Corp, after U.S. officials told the company to stop exporting two top computing chips for artificial-intelligence work to China. "Month end yields no surprises, but rather an extension of the major themes seen during August with further increases in core global bond yields and weaker equities."

The ECB's move on interest rates must be"orderly and predictable", French ECB policymaker Francois Villeroy de Galhau said on Wednesday, as data showed euro zone inflation had risen to another record high last month, solidifying the case for a 75 basis point rate hike next week.

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