Asian Stocks Set to Drop on Hawkish Fed Comments: Markets Wrap

-- Asian stocks are set to fall in early trading after US shares and Treasuries extended this month’s selloff after solid economic readings and hawkish Fedspeak reinforced speculation that interest rates will remain higher for longer.Equity futures in Australia, Japan, and Hong Kong all declined, while contracts in South Korea and mainland China rose.

In economic data, US jobless claims remained subdued, consistent with a healthy job market. Separately, the Philadelphia Fed factory index topped estimates. While existing-home sales fell, the pace was roughly in line with the median forecast of economists.

Elsewhere, oil remained broadly steady while gold advanced amid growing political risks and demand from central banks and Chinese consumers.Alphabet Inc. Chief Executive Officer Sundar Pichai announced changes to Google’s workplace teams structure, saying the moves will help the company develop artificial intelligence products and services faster and more efficiently

Las Vegas Sands Corp. said remodeling at an entertainment center and a hotel in Macau will crimp results this year Blackstone Inc. collected more fees from big retail funds and credit strategies during the first quarter, compensating for the slower pace of deal exits

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