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Asia stocks set to gain following Fed Chair Powell's comments

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U.S. Federal Reserve Chairman Jerome Powell delivered his testimony to a U.S. Senate committee on Tuesday, where he noted the U.S. economic outlook was 'generally favorable' but warned of headwinds from overseas.

Stocks in Asia were set to see opening gains on Wednesday following comments from U.S. Federal Reserve Chairman Jerome Powell. The ASX 200 in Australia rose 0.27 percent in early trade, with most sectors advancing. Meanwhile, futures pointed to a higher open for the Nikkei 225 in Japan. The futures contract in Chicago was at 21,515, as compared to the benchmark index's last close at 21,449.39. In geopolitical news, U.S.

Overnight on Wall Street, the Dow Jones Industrial Average slipped 33.97 points to close at 26,057.98 while the S&P 500 shed 0.1 percent to finish its trading day at 2,793.49. The Nasdaq Composite closed fractionally lower at 7,549.30. The moves stateside came amid disappointing earnings, mixed U.S. economic data as well as a testimony from Fed Chair Jerome Powell. Powell delivered his testimony to a U.S. Senate committee on Tuesday, where he noted the U.S.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.035 after seeing highs above 96.463 earlier. The Japanese yen traded at 110.55 after strengthening from lows above 111.0 yesterday. The Australian dollar was at $0.7191 after seeing lows below $0.715 in the previous session. — CNBC's Huileng Tan and Jeff Cox contributed to this report.

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