Asia stocks slide as Powell comments quell rate peak bets

Singapore, Nov. 10 (BNA): Asian stocks fell to their lowest in a week on Friday, while the dollar was steady as elevated Treasury yields weighed on sentiment after hawkish comments from U.S. Fed Chair Jerome Powell dashed expectations of a peak in interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1% to a one-week low of 486.39, on track for a fourth session of losses and a weekly decline of 0.5%, Reuters reported.

The sombre mood is set to continue as Europe wakes up, with futures indicating a steeply lower open. Eurostoxx 50 futures were down 0.73%, German DAX futures dropped 0.66% and FTSE futures were 0.78% lower.

U.S. Federal Reserve officials including Powell said on Thursday they are still not sure interest rates are high enough to finish the battle with inflation.

ZH