Stocks Sell Off on Powell, Poor Data; Yen Climbs: Markets Wrap

Stocks in Asia followed their U.S. counterparts lower after hawkish comments from Federal Reserve Chair Jerome Powell and weaker-than-expected economic data from China and Japan. The yen strengthened after the Bank of Japan reduced longer-dated bond purchases.
The MSCI Asia Pacific Index dropped, led by financials, technology and materials stocks. Most national benchmarks declined with Chinese and Hong Kong shares underperforming as China’s official manufacturing gauge fell the most in five years in February.


Source: bloomberg