Biden chooses Powell to lead the Fed’s re-election

Read Time:2 Minute, 19 Second

SINGAPORE-Asia-Pacific stock markets were mostly lower in Tuesday’s trading as investors were concerned about the market’s reaction to US President Joe Biden’s choice of Jerome Powell as the Fed Chairman for his second term.

Hong Kong’s Hang Seng Index fell 0.9%, while mainland China stocks were mixed, the Shanghai Composite Index rose slightly, while the Shenzhen Stock Exchange constituent stocks fell 0.25%.

South Korea’s Kospi fell 0.46%, and the share price of biopharmaceutical company Celltrion plummeted by more than 6%.

As the share price of major mining company BHP Billiton rose more than 4%, Australia’s S&P/ASX 200 index rose 0.6%.

The MSCI Asia Pacific’s broadest index outside of Japan fell 0.42%.

The Japanese market is closed for a holiday on Tuesday.

Technology stocks fell

Asian technology stocks fell on Tuesday, following the decline seen by their US counterparts overnight.

Chinese tech giant Tencent’s Hong Kong-listed shares fell 2.82%, Alibaba fell 2.92%, and Meituan fell 3.36%. The Hang Seng Technology Index fell about 1.7%.

South Korea’s LG Electronics fell 4.1% and Kakao fell 2.33%.

In the US stock market overnight, the Nasdaq Composite Index fell 1.26% to 15,854.76. The Dow Jones Industrial Average edged up 17.27 points to 35,619.25, while the S&P 500 index fell 0.32% to 4,682.94.

CNBC Pro’s stock selection and investment trends:

These moves came as Wall Street investors reacted to Biden’s re-election of Powell as chairman of the Federal Reserve. Biden has been under pressure to appoint a more progressive Democrat, rather than allowing Republican Powell to assume this role.

Powell guided the U.S. Central Bank and the country’s economy through a pandemic recession and introduced unprecedented monetary stimulus measures to maintain the operation of financial markets. His nomination will now be submitted to the Senate for confirmation.

Currency and oil

The U.S. dollar index, which tracks the U.S. dollar against a basket of currencies, reported 96.45, higher than last week’s level of less than 95.4.

The yen-dollar exchange rate was 114.77, after the yen-dollar exchange rate weakened sharply from below 114.5. The Australian dollar traded at US$0.7235 against the US dollar, still below the level above US$0.735 seen last week.

Oil prices fell in early Asian trading hours, and the international benchmark Brent crude oil futures fell 0.31% to US$79.45 per barrel. US crude oil futures fell 0.48% to US$76.38 per barrel.

— Jeff Cox and Thomas Franck of CNBC contributed to this report.

If you want to know more about business please go to

0 %
0 %
0 %
0 %
0 %
0 %
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

Who we are

Suggested text: Our website address is:


Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: After approval of your comment, your profile picture is visible to the public in the context of your comment.


Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.


Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where we send your data

Suggested text: Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings