Asian Stocks Mixed After Late Slump on Wall Street-The Associated Press

Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower. Tokyo was closed Tuesday for a holiday. Hong Kong and Seoul declined while Shanghai advanced. Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm of the Federal Reserve, a vote of confidence in Powell’s handling of central bank policies during the brutal disruptions caused by the coronavirus pandemic. Hong Kong’s Hang Seng fell 1 percent to 24,705.41 and the Kospi in Seoul lost 0.4 percent to 3,001.07. In Sydney, the S&P/ASX 200 climbed 0.6 percent to 7,397.80 and the Shanghai Composite index added 0.3 percent to 3,592.07. Investors are closely watching the Fed to see whether pressure from rising inflation prompts it to speed up its plans for trimming bond purchases and raising its benchmark interest rate. “Powell getting … Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower. Tokyo was closed Tuesday for a holiday. Hong Kong and Seoul declined while Shanghai advanced. Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm

The Associated Press

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Federal Reserve Chair Jerome Powell, newly appointed for a second four-year term as chief of the central bank, said on Nov. 22 that he would use the Fed’s arsenal to prevent inflation from becoming a more permanent feature of American life. Powell made the remarks at a White House press […]

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