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Asia shares subdued, dollar on a high as Fed looms.
SYDNEY, June 15 - Asian markets were in a pensive mood on Wednesday as shell-shocked investors waited to see just how aggressive the Federal Reserve would be on rates, with many fearing drastic action would risk tipping the world into recession.
Treasury yields hit decade highs and the dollar a 20-year peak as futures implied it was near certain the Fed would hike by 75 basis points to a range of 1.50-1.75% later on Wednesday.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) firmed 0.2%, but is down sharply on the week.
Japan's Nikkei (.N225) lost 0.6%, though sentiment was helped by a survey showing an improvement in confidence among Japanese manufacturers.
Data on Chinese retail sales and industrial output for May was a little better than forecast, but still showed the drag from coronavirus lockdowns.
Authorities in Beijing warned on Tuesday that the city of 22 million was in a "race against time" to get to grips with its most serious outbreak since the pandemic began.
Bond markets rallied a shade after their recent hammering, with 10-year Treasury yields dipping to 3.43%, from Tuesday's peak of 3.498%.
Two-year yields stood at 3.38%, after touching the highest since 2007 at 3.456% overnight. Given many U.S. borrowing rates are linked to yields, financial conditions have already tightened markedly there even before the Fed hikes.
The euro was holding on at $1.0440, not far from its May trough of $1.0348.
The single currency has found some support from a hawkish turn by the European Central Bank, but is weighed by signs of stress in local bond markets. Yields for more indebted members, notably Italy, have climbed much more quickly than for Germany fanning worries about EU fragmentation.
Surging yields and a sky-high dollar have been a burden for gold, which was near its lowest in a month at $1,816 an ounce
Oil prices edged up after the Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast that world oil demand will exceed pre-pandemic levels in 2022.
Brent was 22 cents firmer at $121.39, while U.S. crude rose 20 cents to $119.13 per barrel.