Asian Markets Shake, Powell's Worrying Statement


 Today, the Asia Pacific market looked rather gloomy in taking small gains from the previous session. Largely due to the 'downbeat tone' set by the US market.

The benchmark S&P 500 index ended an eight-day winning streak following rising Treasury yields and Federal Reserve Chair Jerome Powell's indication of additional efforts to reduce inflation.

Japan's Nikkei 225 fell 0.92% after rising nearly 1.5% in the previous session. The Topix was down 0.65% at the open.

South Korea's Kospi opened lower at 0.92% and plunged after yesterday's rise. Meanwhile, Kosdaq lost 1.67% at the opening.

Hang Seng Index, Hong Kong opened 1.43% lower. China's CSI 300 Index was down 0.55% at the open.

Australia's S&P/ASX 200 was trading lower by 0.55%.

In addition, Wall Street's main index also closed lower. The S&P 500 fell 0.81% ending an eight-day winning streak with sharply rising yields and leaving many investors confused.

The Nasdaq Composite and The Dow Jones Industrial Average both experienced a decrease of 0.94% and 0.65%.