Asian stocks drift, dollar firms as traders ponder US rates

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SINGAPORE: Asian stocks pulled back from two-and-half-year highs on Tuesday and the dollar firmed following comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Middle-East tension kept risk sentiment in check.

"Dollar can remain heavy if this week's data shows the U.S.labour market remains in reasonable shape".

Japan's Nikkei rose nearly 2% on a softer yen after shedding 4.8% on Monday as investors contended with perceived monetary policy hawk Shigeru Ishiba winning a contest to become the country's prime minister.

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Category: EconomyBusiness

Markets: MalaysiaAustraliaChinaHong KongIndonesiaIsraelJapanLebanonSingapore

Topics: Nikkei MSCI Middle East Stocks Markets Jerome Powell Asian US dollar Interest rate Federal Reserve /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-01 @ 14:11:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 693 words

Reading Time: 4 minutes read

Sentences: 28 lines

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Copyright Owner: © The Star

News ID: 22831061

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