Asia stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the U.S. will taper its stimulus soon.
A man watches an electric board showing Nikkei index outside a brokerage at a business district in Tokyo, Japan, June 21, 2021. REUTERS/Kim Kyung-HoonHONG KONG, Nov 23 - Asia stocks faltered on Tuesday, tracking a retreat on Wall Street as traders bolstered their bets on U.S. rate hikes in 2022 after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term.
Australia's S&P/ASX 200 outperformed, closing up 0.79%, boosted by miners and energy stocks. Japanese markets were closed for a public holiday. Germany’s outgoing Chancellor Angela Merkel said the latest surge is the worst experienced by the country so far, while Austria went into a fresh lockdown on Monday.
The U.S. rates chatter kept the dollar index well supported near a 16-month peak. The greenback was also near a 4-1/2-year top versus the yen in early deals on Tuesday. In commodities, spot gold rose 0.19% to $1,808.4 per ounce, paring Monday's losses. Gold prices were under pressure as Powell's nomination drove expectations that the central bank will stay the course on tapering economic support.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden picks Powell as Federal Reserve chairNEW: President Joe Biden has renominated Federal Reserve Chairman Jerome Powell for a second term as the head of the central bank, a sign of the administration’s approval of Powell’s leadership through the COVID-induced economic crisis
Read more »
Biden to keep Powell as Fed chair, Brainard gets vice chairWASHINGTON (AP) — President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and revitalize the job market.
Read more »
Biden to nominate Jerome Powell as Federal Reserve chairmanPresident Joe Biden on Monday formally announced his intent to nominate Jerome Powell to serve as the chairman of the Federal Reserve for a second term and nominate Lael Brainard to serve as the Fed's vice chair.
Read more »
Biden nominates Jerome Powell for second term as Federal Reserve chairmanPresident Joe Biden on Monday renominated Jerome Powell as Federal Reserve chairman, ending months of speculation over who would run the central bank for the
Read more »
Joe Biden To Nominate Jerome Powell For New Term As Fed ChairPresident Joe Biden will nominate Jerome Powell for a new term as chairman of the Federal Reserve. Biden also will nominate Lael Brainard as vice chair. “While there’s still more to be done, …
Read more »
Biden nominates Jerome Powell to lead Fed for second termUS President Biden nominates Jerome Powell to lead Fed for the second term despite criticism on low interest rates against record-high inflation
Read more »