Asian stocks sink on hawkish Fed outlook, China fears persist
Investing.com-- Most Asian stocks retreated on Tuesday as the prospect of higher U.S. rates weighed on the technology sector, while persistent concerns over a Chinese economic slowdown also kept investors wary of regional markets.
Regional stocks were still reeling from hawkish signals from the Federal Reserve, after the bank said that interest rates could potentially increase further this year, and will remain higher for longer. Overnight comments from Minneapolis Fed President Neel Kashkari furthered these fears. Kashkari said that he saw one more rate hike this year, and that rates needed to remain higher to cool high inflation and a tight labor market.losing 0.9% on losses in heavyweight chipmakers.
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