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

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 86%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chinese companies hang onto dollars, hedge to prepare for volatile yuanSome Chinese companies are holding on to dollar revenues from exports, while others are turning to foreign exchange hedging in anticipation of a fall in the value of the yuan, according to executives, bankers and data analysed by Reuters. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Chinese companies hang onto dollars, hedge to prepare for volatile yuanThe yuan had its worst year in 2022 since China unified market and official exchange rates in 1994. It could face a bumpy ride in 2023.
Source: rapplerdotcom - 🏆 4. / 86 Read more »