Asian stocks were negative after the sell-off that hit Wall Street last week following Fed Jerome Powell’s rate announcement. The Dow ended Friday’s session down 281.76 points (-0.85%), registering a weekly decline of -1.66%, taking its month-to-date losses to -4.83%.
The S&P 500 fell 1.11% on Friday, losing 2.08% for the week, accelerating the losses since early December to -5.58%.
The Nasdaq was down 0.97% on Friday, 2.72% for the week, bringing the month’s loss account down 6.65%.
“Monetary policy quickly turned tight, with the Fed raising rates by 400 basis points in nine months,” wrote Ed Moya, senior market strategist for Oanda. “Recession risks will only rise as Powell said rate hikes will continue.
In Asia, the Nikkei 225 index of the Tokyo stock exchange closed the session down by 1.05%; Sydney lost 0.21%, Seoul -0.33%. The Hong Kong Stock Exchange falls by 0.88%, Shanghai loses more than 2%. At 7.55 am Italian time, futures on the Dow Jones, S&P 500 and Nasdaq Composite recorded an increase of around 0.11%.