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Asian stocks slip on weak China trade data, focus shifts to Powell

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Asian stocks pulled back as weak trade data weighed on Chinese stocks while investors awaited Federal Reserve Chair Jerome Powell’s testimony later in the day for clues on the central bank’s next move on rates. | Reuters

“U.S. rates are still the number one driver for the Asia region as far as absolute performance is concerned,” Dan Fineman, Credit Suisse’s co-head of APAC equities strategy told Reuters.

The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.88 percent compared with a U.S. close of 4.894 percent. The U.S. February employment report is expected on Friday and any softening in the robust jobs market will be seen as a sign that the Fed’s rate hikes are having their desired effect.

“It’s a very slight recession in the scheme of things. I don’t think you’ll see a deep recession,” he said.

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