Asian stock markets traded mixed as investors monitored market reactions after US President Joe Biden chose Jerome Powell as Fed chairman for a second term.
The ASX 200 (+0.78%) rose driven by strengthening in the heavy mining and financial sectors, while technology stocks declined.
The Nikkei 225 (+0.09%) got some support from the USD/JPY gains.
Hang Seng (-0.87%) while Shanghai Composite (+0.42%) as investors monitored market reactions after US President Joe Biden chose Jerome Powell as Fed chairman for a second term.
Crude oil prices continue to be pressed below $ 76 a barrel amid reports that the United States is poised to reveal the release of its emergency oil reserves in a bid to lower gasoline prices.
Gold prices slipped below the $ 1,810 level after Fed Chairman Jerome Powell was re-elected to the post, pushing the dollar and bond yields higher.
The US dollar strengthened above 96.50 as the reappointment of Fed chairman Jerome Powell supported expectations for higher interest rates.
The NZD plunged after New Zealand’s retail sales figures fell sharply in the third quarter of 2021, compared to gains in the previous period.
Crude oil price pressures continue to weigh on CAD performance as Canada is the largest exporter of crude oil to the United States.