HONG KONG, Nov 23 — Asia stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the US will taper its stimulus soon.
Riskier assets have been shaken up again over recent sessions amid surging Covid-19 cases in Europe and renewed curbs, dousing investor hopes of a quicker recovery in consumption and growth worldwide. “The USD looks poised to hold onto its gains post-Powell renomination as it leaves room for markets to flirt with the idea of a faster taper,” said analysts at TD Securities in a note.
Powell’s current term, which has seen an emphasis on creating jobs from the prominent focus on inflation, has proven positive for risk assets, with the S&P gaining 69.7 per cent since his appointment.
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