Stocks in Asia-Pacific traded mixed on Wednesday morning as investors react to recent comments from Federal Reserve Chairman Jerome Powell.
South Korea’s Kospi was up 0.57% in early trade, as it attempted to recover from Tuesday’s decline of more than 2%. The S&P/ASX 200 in Australia jumped 1.18%.
Stocks in Japan lagged, as they returned to trade following holidays on Monday and Tuesday. The Nikkei 225 slipped 0.5%.
Overall, the MSCI Asia ex-Japan index traded 0.24% higher.
In a prepared testimony, the Fed’s Powell said the central bank remains committed to supporting the economy through its tools “for as long as it takes.” He also noted that “many economic indicators show marked improvement,” though the path forward “continues to be highly uncertain.”
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 93.967 following its rise earlier this week from levels below 93.5.
The Japanese yen traded at 105.04 per dollar following a weakening from levels around 104.4 against the greenback yesterday. The Australian dollar changed hands at $0.717, having weakened from levels above $0.725 this week.
Oil prices were lower in the morning of Asian trading hours, with international benchmark Brent crude futures down 0.14% at $41.66 per barrel. U.S. crude futures shed 0.28% to $39.69 per barrel.
Source: CNBC