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Asia stocks ease after Powell testimony; spotlight on BoE

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Asian shares edged lower on Thursday after Federal Reserve Chair Jerome Powell stuck to his recent hawkish tone on the bank's likely interest rate path, while the focus switches to the Bank of England' policy decision later in the day.

Futures indicated stocks in Europe were set to open deep in red, with Eurostoxx 50 futures down 0.51%, German DAX futures down 0.55% and FTSE futures down 0.63%.was 0.24% lower at 521.81, set for a fourth straight day of losses and on course to snap its three-week winning run. The index is down around 2.7% for the week, the worst since early March.

Markets, though, remain unconvinced, pricing in a 72% probability of a 25 bps hike next month, but no further hikes after that, according to the CME FedWatch tool. "It's clear that the FOMC wants the market to understand that a hike will be on the table for debate at the next meeting. The Fed's data-dependent approach in this tightening cycle suggests upcoming data releases could shift expectations."on Wednesday the Fed should not raise rates further or it would risk "needlessly" sapping the strength of the U.S. economy.

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