Biden appoints Powell to lead the US Federal Reserve for a second term – archyde

SINGAPORE – Asia Pacific stocks were largely lower in trading Tuesday as investors watched the market reaction to the US president Joe Biden Picking Jerome Powell for a second term as Federal Reserve Chair.

Hong Kong Hang-Seng-Index down 0.9% as mainland China stocks were mixed Shanghai composite slightly upwards while the Shenzhen Components was 0.25% lower.

South Korea Kospi fell 0.46%, with shares in biopharmaceutical company Celltrion falling more than 6%.

the S&P/ASX 200 in Australia rose 0.6% as shares of a major miner BHP increased by more than 4%.

MSCI’s broadest index for Asia Pacific stocks outside of Japan was down 0.42%.

The markets in Japan are closed on Tuesday due to a public holiday.

Tech stocks in Asia fell Tuesday, following losses that their competitors saw overnight in the states.

Shares in the Chinese technology giant were listed in Hong Kong Tencent fell 2.82% while Alibaba slipped by 2.92% and Meituan 3.36% collapsed. The Hang Seng Tech index was down around 1.7%.

South Korea’s LG Electronics lost 4.1% and Cocoa lost 2.33%.

Overnight in the States, the Nasdaq Composite fell 1.26% to 15,854.76. The Dow Jones Industrial Average rose 17.27 points to 35,619.25 while the S&P 500 slid 0.32% to 4,682.94.

Those moves came as Wall Street investors responded to Biden electing Powell for another term as Fed chairman. Biden was under pressure to appoint a more progressive Democrat instead of keeping Republican Powell in the role.

Powell has led the Federal Reserve and the country’s economy through the pandemic recession, unleashing unprecedented monetary incentives to keep financial markets afloat. His appointment is now going to the Senate for confirmation.

the US-Dollar-IndexTracking the greenback versus a basket of its rivals was 96.45, higher than below 95.4 levels hit last week.

the Japanese YEN traded at 114.77 the dollar after a recent sharp drag below 114.5 against the greenback. the Australian dollar was at $ 0.7235, still out of the $ 0.735 level seen last week.

Oil prices were lower on the morning of Asian trading hours, by an international benchmark Brent Crude Oil Futures down 0.31% to $ 79.45 a barrel. US-Rohöl-Futures slipped 0.48% to $ 76.38 a barrel.

– CNBC’s Jeff Cox and Thomas Franck contributed to this report.


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