Asian stocks drop as Powell signals uncertainty on rates

Daijiworld Media Network - Hong Kong

Hong Kong, Sep 24: Asian stocks fell Wednesday following losses on Wall Street, as Federal Reserve chair Jerome Powell offered little clarity on future interest rates and US economic data raised concerns over slowing growth.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.4% in mid-morning trade, after the S&P 500 dropped 0.6% in the previous session, marking its biggest one-day loss in three weeks. Australian shares led regional declines, down 1% following a bigger-than-expected rise in consumer prices in August.

“Chair Powell in his speech emphasised that ‘near-term risks to inflation are tilted to the upside and risks to employment to the downside’, highlighting the challenges of balancing the Fed’s dual mandate in the current e