Asian Stock Gauge Poised to Erase 2024 Gains as Worries Mount

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Asia’s stock benchmark is on track to erase all of its gains for the year as worries about higher interest rates and geopolitical tensions trigger losses across the region. The MSCI Asia Pacific Index fell as much as 0.4%, with consumer discretionary and industrials among the biggest drags. The measure was set to close below 169.39, the level reached on the last trading day of 2023, as Federal Reserve Chair Jerome Powell signaled policymakers will wait longer than previously anticipated to cut interest rates. The repricing of Fed rate bets, a stronger dollar, a flare-up in Middle East tensions, and a slow economic recovery in China are creating headwinds for the Asian gauge, which had gained more than 5% at one point in 2024. Stocks in mainland China and Hong Kong were also a drag on the regional benchmark Tuesday after mixed economic data that showed retail sales and industrial output fell short of estimates, while growth in gross domestic product exceeded estimates in the first quarter.

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https://finance.yahoo.com/news/asian-stock-gauge-poised-erase-004308040.html