Overnight Market Wrap: 30 August 2022

Overnight Market Wrap: 30 August 2022

Key Points:

  • Stocks Up in Asia as Post-Powell Selloff Subsides
  • Dollar and Treasury yields dip amid a steadier mood in markets
  • Investors still absorbing a stern Fed monetary policy stance

Stocks in Asia climbed Tuesday as investor sentiment stabilized following a rout sparked by the Federal Reserve’s commitment to a sustained period of restrictive monetary policy to quell inflation.

Energy shares pushed up an Asia equity gauge amid gains in Japan, South Korea and Australia. US futures fluctuated after the S&P 500 and the Nasdaq 100 added to a slump that began Friday when Chair Jerome Powell stressed the Fed is willing to let the economy suffer to cool elevated price pressures.

The repricing sparked by Powell’s Jackson Hole speech has also pushed up Treasury yields and the dollar, though both those moves reversed a little in the Asian session, leaving the US 10-year yield just below 3.10%.

Oil was near the highest since late July. Potential production outages in Libya could exacerbate a global energy crunch. Gold and Bitcoin were little changed.

In Europe, natural gas and power prices plunged after Germany said its stores of the fossil fuel are filling up faster than planned. But Germany remains vulnerable in the winter if Russia halts gas flows. The European Union is preparing to step into its energy market to damp soaring power costs.

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