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Asian stocks mixed after Wall Street pullback on hawkish Fed

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Markets worldwide continue to digest Federal Reserve Chairman Jerome Powell's hawkish words on inflation and interest rates last week.

BEIJING — Asian stocks were mixed Tuesday after Wall Street fell following last week’s Federal Reserve pledge to fight inflation by keeping interest rates elevated.Wall Street’s benchmark S&P 500 index lost 0.7% on Monday, adding to last week’s losses.

“Markets are still digesting Jay Powell’s hard-hitting message on inflation containment,” said Venkateswaran Lavanya of Mizuho Bank in a report, while the European Central Bank also is giving “more hawkish” signals. The Kospi 180721 in Seoul added 0.9% to 2,450.50 and Sydney’s S&P-ASX 200 XJO gained 0.7% to 7,015.60.On Wall Street, the S&P 500 SPX fell to 4,030.61. On Friday, the benchmark index lost 3.4% in its biggest one-day drop in two months.

Investors worry rate hikes by the Fed and by central banks in Europe and Asia might derail global economic growth. Some investors had hoped that the Fed would ease up if inflation subsides. That sentiment led to a rally for stocks in July and early August.

 

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