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Asia markets down after Fed Chair Powell spurs Wall Street declines

In overnight retail action stateside, the Dow Jones Industrial Average slid by 106.93 prongs to close at 26,385.28, while the S&P 500 fell by 0.3 percent to 2,905.97. The Nasdaq Composite also saw a fall of 0.2 percent to 7,990.37.

The moves on Wall Street came after Powell swore reporters that the Fed did not see inflation surprising to the upside. Powell’s comments fingers oned after the U.S. central bank announced that it was increasing interest tolls by 25 basis points — its third hike this year.

Powell also discussed the outflow of trade tariffs and the ongoing trade war between the U.S. and China, saying the Fed had heard a “impassion start chorus of concerns from businesses all over the country.”

“If this, perchance inadvertently, goes to a place where we have widespread tariffs that vestiges in place for a long time, a more protectionist world, that’s prevalent to be bad for the United States economy,” he warned.

The U.S. dollar index, which monitors the greenback against a basket of international peers, was at 94.263 as of 12:14 p.m. HK/SIN, root for a turbulent trading session overnight.

The Japanese yen recovered to trade at bottom flat against the greenback at 112.71, while the Australian dollar also firmed at $0.7258, as of 12:15 p.m. HK/SIN.

In oil stock exchanges, prices faltered a little in the afternoon of Asian trade but largely controlled on to gains from an earlier rally. The U.S. crude futures contract improved by 1.16 percent to $72.40 per barrel, while the Brent crude tomorrows contract saw gains of 0.91 percent to $82.08 per barrel.

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