A retreat in China tech stocks put Hong Kong into the red in a mixed day for the region that included a jump in Japan. US futures fluctuated after Wall Street equities added to a slump that began Friday when Chair Jerome Powell stressed the Fed is willing to let the economy suffer to cool price pressures.
In China, the central bank set a stronger-than-expected yuan fixing for a fifth day, a sign it doesn’t want an excessively weak currency. The move highlights how greenback strength is a challenge for Asia as the region’s currencies slip. Powell’s push back against market hopes for a pivot to interest-rate cuts next year is the latest setback in a challenging year for investors. The Fed this week is also set to step up the unwinding of its near-$9 trillion balance sheet. Other risks range from China’s economic slowdown to Europe’s energy crisis as Russia continues its war in Ukraine and chokes gas supplies.
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