Asian stocks close mostly lower after Powell’s interest rate warning

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Asian stocks closed mostly lower on Monday (29), in reaction to the speech of Federal Reserve Chairman (Fed, the US central bank), Jerome Powell, during the annual symposium in Jackson Hole, Wyoming.

On Friday, Powell indicated that the Fed will continue to raise rates in a way that will cause “some pain” to the US economy as domestic inflation remains at its highest level in more than four decades.

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The Japanese stock index Nikkei led losses in Asia on Monday, with a drop of 2.66% in Tokyo, at 27,878.96 points, while the Hang Seng was down 0.73% in Hong Kong, at 20,023.22 points, the south Kospi fell 2.18% in Seoul, at 2,426.89 points, and Taiex lost 2.31% in Taiwan, at 14,926.19 points.

The bad mood in Asia followed a tumble in the New York stock exchanges, which ended the last trading session with losses of 3% to almost 4%.

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Mainland Chinese markets, on the other hand, made marginal gains on Monday, recovering from earlier losses, after the country’s state media reported that power supplies to most industries and businesses in Sichuan province were gradually reduced. restored, in the midst of a historic drought that triggered energy shortages.

The Shanghai Composite rose 0.14% to 3,240.73 points, and the less comprehensive Shenzhen Composite rose 0.07% to 2,147.74 points.

Oceania

In Oceania, the Australian stock market suffered its biggest daily drop since mid-June, following Wall Street and the predominantly negative tone of Asia.

The S&P/ASX 200 is down 1.95% in Sydney at 6,965.50.

Source: CNN Brasil

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