Asia stocks slip as dovish Fed cheer fades

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Asian stocks backed away from 2-1/2-month high on Wednesday and the dollar found support as investors' tempered some of their earlier enthusiasm about the prospect of an end to U.S. rate hikes.

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22 Nov 2023

MSCI's broadest index of Asia-Pacific shares outside Japan has gained more than 3% since a week ago and hit its highest since September on Tuesday. But it fell 0.2% in early trade on Wednesday. Japan's Nikkei rose 0.5%.

Overnight the S&P 500 snapped a five-session winning streak and fell 0.2%. Chipmaker Nvidia reported revenue well above Wall St expectations after market close, but shares fell 1.7% due to the company's downbeat China sales outlook.

Nasdaq futures were down 0.2% and S&P 500 futures fell 0.1% early in the Asia day. Volumes are likely to be lightened through the rest of the week by Thursday's Thanksgiving holiday in the United States.

«It appears that the short cover rally that began after the November (Fed meeting) is winding down and that buying and selling is beginning to alternate,» said Nomura's chief macro strategist Naka Matsuzawa in a