Stocks swing after latest selloff as Fed, Middle East dampen sentiment

An electronic board displays stock prices of companies listed on the Tokyo Stock Exchange in Tokyo on March 4, 2024.HONG KONG, China — Asian markets fluctuated Wednesday as Federal Reserve boss Jerome Powell's indication that interest rates could stay higher for longer offset a rebound following the latest bout of Middle East-fuelled selling.

"The recent data have clearly not given us greater confidence and instead indicate that is likely to take longer than expected to achieve that confidence," he warned Tuesday in Washington. Richmond Fed chief Thomas Barkin said Tuesday that the recent run of indicators had not supported the idea of a soft landing for the economy, while Fed Vice Chair Philip Jefferson saw inflation coming down but rates remaining elevated for now owing to price pressures.Asia was mixed, with Tokyo, Hong Kong and Seoul down but Shanghai, Sydney, Singapore, Wellington, Taipei and Manila rising.

Tehran said the attack was in retaliation for a strike on the consular annex of its Damascus embassy that killed seven Revolutionary Guards, though it said: "The matter can be deemed concluded". Alliance Global Group Inc., the holding company of tycoon Andrew Tan, saw its profit rise by a fifth to reach record high...

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