Asian Stocks Set to Slide on Rekindled Rate Fears: Markets Wrap

-- Stocks in Asia are set to start May lower after renewed concerns that the Federal Reserve will keep interest rates higher for longer helped fuel a sell-off in US benchmarks and boosted bond yields and the dollar.Binance and CZ’s Fortunes Are Set to Grow, Even in JailEquity futures for Tokyo and Sydney pointed to drops of at least 1%, with many markets in the region closed for public holidays.

A plunge in consumer confidence further weighed heavily on US equities — which suffered their worst month since September. In late hours, Amazon.com Inc. reported strong sales for its cloud unit amid rising artificial-intelligence demand. Advanced Micro Devices Inc., the second-biggest maker of computer processors, gave a lukewarm revenue forecast for the current period.

Sticky US inflation this year isn’t necessarily bad news for the stock rally as higher yields are a reflection of strong economic growth, according to HSBC strategists led by Max Kettner. Copper declined on Tuesday as traders turned their attention to demand conditions in China while cocoa crashed amid extreme volatility and a lack of liquidity.McDonald’s Corp. results fell short of expectations in the first quarter, hampered by slowing growth in the US and the reverberations of the Israel-Hamas war.

Eli Lilly & Co.’s brighter outlook for 2024 raised the potential ceiling for new weight-loss drugs even further in the eyes of analysts and investors.

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