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The Daily Exchange Rate: is 4,062 KHR to the USD$
ASIAN STOCKS SLIDE AS WALL STREET TIPS INTO BEAR MARKET
HONG KONG, June 14 - Asian shares slid sharply on Tuesday after Wall Street hit a confirmed bear market milestone and Treasury yields struck their highest in more than a decade on fears aggressive interest rate hikes would push the world's largest economy into recession.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) extended losses to be down 1.54%.
Australian shares S&P/ASX200 (.AXJO) lost 4.6%, while Japan's Nikkei stock index (.N225) was down 2%.
In Hong Kong, the Hang Seng Index (.HSI) slipped 0.91% and China's CSI300 Index (.CSI300) was off 1.9%, doubling its earlier losses.
The negative tone in Asia follows a bleak U.S. session on Monday, which saw Goldman Sachs forecast a 75 basis point interest rate hike at the Federal Reserve's next policy meeting on Wednesday.
On Wall Street overnight, fears of a U.S. recession kicked the S&P 500 (.SPX) down 3.88%, while the Nasdaq Composite (.IXIC) lost 4.68%. The Dow Jones Industrial Average (.DJI) fell 2.8%.
The benchmark S&P 500 is now down more than 20% from its most recent record closing high, confirming a bear market, according to a commonly used definition.
The dollar dropped 0.06% against the yen to 134.32 but remains close to its more-than-two-decade high of 135.17 reached on Monday.
The European single currency was flat at $1.0407, having lost 3.04% in a month, while the dollar index , which tracks the greenback against a basket of major currencies, was up at 105.19.
Bitcoin fell around 4.5% on Tuesday to $21,416, a fresh 18 month low, extending Monday's 15% fall as markets were jolted by crypto lender Celsius suspending withdrawals.
U.S. crude dipped 0.13% to $120.77 a barrel. Brent crude eased to $122.08 per barrel.
Gold shrugged off a weaker start with the spot price gaining 0.42% to $1,826.23 per ounce
CRYPTOCURRENCY MARKET VALUE SLUMPS UNDER $1 TRILLION
The value of the cryptocurrency market on Monday 13th June fell below $1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion.
The global cryptocurrency market peaked at $2.9 trillion in November 2021, but it has faltered so far this year.
It has lost $1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.
The largest cryptocurrency, bitcoin BTC=BTSP, was down more than 10% on the day, falling to an 18-month low of $23,750. It is down by around 50% so far this year. Smaller coin ether ETH=BTSP fell over 15% to $1,210.
"As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. "They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world."
