Asian stocks higher after Wall Street declines on growth worries

A currency trader watches monitors at a foreign exchange dealing room in Seoul, South Korea, June 23, 2022. Asian stock markets were mostly higher Thursday after the Federal Reserve chairman said the U.S. central bank wants to avoid causing a recession but one is possible as it raises interest rates to cool surging inflation.

"The market now accepts recession is a risk, having been in total denial," said Michael Every of Rabobank in a report. Investors worry U.S. and European rate hikes might derail global growth, but Powell said it is “absolutely essential” that the Fed restore stable prices. The Dow Jones Industrial Average gave up 0.2% to 30,483.13. The Nasdaq composite slipped 0.2% to 11,053.08.

Surging prices have soured consumer sentiment in the United States, the world's biggest market. Retail spending is sagging.

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