Asian stocks slip after Powell’s comments

Asian stocks dipped from recent highs as the US dollar strengthened after comments from Fed Chair Powell.

Oil prices held steady, while gold was near record highs. Investors await US labour data for rate cut clues. Middle East tensions weigh on risk sentiment.

MSCI’s Asia-Pacific index fell by 0.13 per cent to 620.05, slightly below Monday’s high of 627.66. The index has gained 17 per cent this year.

Japan’s Nikkei rose 1.5 per cent after a 4.8 per cent drop on Monday due to concerns about Shigeru Ishiba becoming prime minister.

Japanese stocks were supported by a weaker yen at 144.09 per dollar. Mainland China’s markets are closed for the week, pausing the recent market rally. Hong Kong’s Hang Seng is also closed on Tuesday.

Oil prices held steady in early trading on Tuesday, balancing the potential for increased supply with sluggish global demand.

Brent crude futures edged up 0.11 per cent to $71.78 a barrel, while US West Texas Intermediate crude futures also rose slightly to $68.22 a barrel.

Meanwhile, spot gold was up 0.11 per cent at $2,637.56 per ounce, nearing its recent record high of $2,685.42. Gold had a strong performance in the third quarter, rising 13 per cent, its best quarterly gain in over four years.

Attribution: Reuters

Subediting: M. S. Salama