Asian stocks slide as Powell revives Fed rate fears

Thursday, 1 March 2018 08:26 WIB

MSCI Asia PacificSaham Asia Indeks MSCI Asia Pasifik


Asian stocks skidded on Thursday after comments from the Federal Reserve's new chief rekindled fears about the pace of U.S. monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar.

For weeks investors have been on edge, with the recent rout in equities cascading through financial markets amid concerns higher interest rates in advanced economies, led by the United States, could dent world growth.

Fed Chairman Jerome Powell, in his first public appearance as head of the U.S. central bank, vowed on Tuesday to prevent the economy from overheating while sticking with a plan to gradually raise interest rates.

That was enough to send investors out of stocks, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.35 percent.

The MSCI Asia Pacific Index fell 0.8 percent as of 10:06 a.m. Tokyo time.

Australian stocks fell 0.8 percent and Japan’s Nikkei dropped 0.85 percent.

Source: Reuters


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