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Asia stocks slide as Fed rate concerns grow

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Asia-Pacific stocks head for second weekly loss as dollar gains ground

A person riding an escalator is reflected at the SGX headquarters in Singapore, on February 7 2023. Picture: Nicky Loh/Bloomberg

MSCI’s broadest index of Asia-Pacific shares sank 0.54% and was on course for a 1% weekly decline, after losing 1.16% in the previous week. “Powell maintained a relatively dovish tone, and markets took that as a green light to rally, but pretty much 24 hours later we got a stream of extremely hawkish Fed speak,” said Tony Sycamore, a strategist at IG.

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