Latest ArticlesThere’s no norovirus outbreak in the UK – so why is a sharp rise in patients being reported? This 17th-century portrait was given plumper lips years after it was finished – an expert explains why Holocaust comparisons are overused — but in the case of Hamas’ Oct. 7 attack on Israel they may reflect more than just the emotional response of a traumatized people Seven original 1970s skateparks that show why these urban treasures should be protected Ukraine recap: western divisions an ominous sign for Kyiv as the aid funding tap begins to dry up Climate ‘tipping points’ can be positive too – our report sets out how to engineer a domino effect of rapid changes Boris Johnson at the COVID inquiry: sullen, evasive and a danger to democracy How bird feeders help small species fight infection Why Israel’s intelligence chiefs failed to listen to October 7 warnings – and the lessons to be learned New investment labels aim to help savers spot sustainable products – but won’t always stop greenwashing
Asian stocks fell on Tuesday after the U.S. Federal Reserve hinted that its current rate hike cycle may be nearing an end.
The losses came after Wall Street had rallied on Monday, with the Dow Jones Industrial Average rising 1.2 percent, its biggest one-day gain since early June.
In Asia, the Shanghai Composite Index fell 0.7 percent to 4,099.45 and Tokyo's Nikkei 225 lost 0.3 percent to 22,868.51. Hong Kong's Hang Seng dropped 0.3 percent to 27,914.87 and Sydney's S&P-ASX 200 edged 0.1 percent lower to 6,719.50.
The losses followed a speech from Federal Reserve Chairman Jerome Powell, who said that the central bank's current policy of gradual rate hikes is “appropriate” but added that “we also recognize that the economic outlook is highly uncertain.”
Powell's comments suggested that the Fed's current cycle of rate hikes may be nearing an end, a sentiment echoed by other Fed officials who have said that the bank's rate hikes could soon be on hold.
Investors took the comments as a sign that the Fed may take a pause in its rate hikes, which could help to boost the global economy.
In currency markets, the dollar rose to 111.77 yen from 111.62 yen late Monday in Asia. The euro weakened to $1.1459 from $1.1460.