Asia stocks down after Powell’s renomination

A man wearing a protective mask walks past an electronic board displaying Japan’s Nikkei index outside a brokerage in Tokyo, Japan, on September 21 2021. Picture: REUTERS/KIM KYUNG-HOON

Australia’s S&P/ASX 200 outperformed with a 0.55% gain, boosted by miners and energy stocks. Japanese markets were closed for a public holiday. Overnight on Wall Street, the S&P 500 and Nasdaq Composite retreated from highs after Biden tapped Powell to continue as Fed chair, and Lael Brainard, the other top candidate for the job, as vice-chair.

The US rates chatter kept the dollar index well supported near a 16-month peak. The greenback was also near a four and a half-year top versus the yen in early deals on Tuesday. In commodities, spot gold rose 0.19% to $1,808.4 an ounce at 2.26am GMT, paring Monday’s losses. Gold prices were under pressure as Powell’s nomination drove expectations that the central bank will stay the course on tapering economic support.

Decided to act on faith instead of fear. I'm now reaping on the rewards of that bold step and making more than could even imagine all thanks to her LindaStouffes

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