A man watches an electric board showing Nikkei index outside a brokerage at a business district in Tokyo, Japan, June 21, 2021. REUTERS/Kim Kyung-HoonHONG KONG, Nov 23 - Asia stocks faltered on Tuesday, tracking a retreat on Wall Street as traders bolstered their bets on U.S. rate hikes in 2022 after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term.
Australia's S&P/ASX 200 outperformed, closing up 0.79%, boosted by miners and energy stocks. Japanese markets were closed for a public holiday. Germany’s outgoing Chancellor Angela Merkel said the latest surge is the worst experienced by the country so far, while Austria went into a fresh lockdown on Monday.
The U.S. rates chatter kept the dollar index well supported near a 16-month peak. The greenback was also near a 4-1/2-year top versus the yen in early deals on Tuesday. In commodities, spot gold rose 0.19% to $1,808.4 per ounce, paring Monday's losses. Gold prices were under pressure as Powell's nomination drove expectations that the central bank will stay the course on tapering economic support.