Asia-Pacific markets opened mixed on Wednesday as Federal Reserve Chair Jerome Powell reiterated that policymakers were in no hurry to lower interest rates.
By 11:40 am AEDT (12:40 am GMT) Japan’s Nikkei 225 gained 0.2% after resuming trade following a holiday, while South Korea's Kospi 200 and Australia’s S&P/ASX 200 hovered around the flatline.
Overnight in the U.S., the major indices closed mixed. The S&P 500 rose 0.03% to 6,068.5, while the Nasdaq Composite fell 0.4% to 19,643.86. The Dow Jones Industrial Average gained 0.3%, closing at 44,593.7.
Powell’s testimony comes amid growing political uncertainty in Washington, where President Donald Trump has expressed support for tariffs on U.S. trading partners.
Powell stated that the Federal Reserve’s current policy stance, with the benchmark interest rate between 4.25% and 4.5%, provides policymakers with room to manoeuvre.
In commodities, Brent crude oil climbed 1.5% to $77 per barrel, while spot gold eased 0.4% to $2,897.12 per ounce after reaching record highs.
In mainland China, the Shanghai Composite edged down 0.1% to 3,318.1, while the CSI 300 fell 0.5% to 3,773.1.
In Hong Kong, the Hang Seng Index declined 1.1% to 21,294.9.
European markets ended higher, with the FTSE 100 rising 0.1% to 8,777.4, the DAX advancing 0.6% to 22,037.8, and the CAC 40 adding 0.3% to close at 8,028.9.
