Asia stocks head for second weekly loss as Fed rate worries flare

📆 2/10/2023 1:25 AM
📰 Reuters

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Asia-Pacific stocks fell on Friday, slumping toward a second weekly loss as investors fretted about the potential for further Federal Reserve tightening and the effect on the U.S. economy.

U.S. equity futures were flat, after the S&P 500 sank 0.88% overnight.in a podcast on the Richmond Fed's website, adding that he felt the decline so far had been "distorted" by some falling goods prices.

"Powell maintained a relatively dovish tone, and markets took that as a green light to rally, but pretty much 24 hours later we got a stream of extremely hawkish Fed speak," said Tony Sycamore, a strategist at IG. The U.S. dollar index , which measures the greenback against six peers including the euro and yen, ticked up slightly to 103.28, sticking to the middle of its range this week. It touched 103.96 on Tuesday for the first time since Jan. 6 as well.

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