Asia-Pacific stocks mixed as another pushback from Powell dented sentiment around rate cuts

The Asia-Pacific stock markets were mixed on Wednesday, with some countries experiencing gains while others saw declines. This was largely due to a pushback from Federal Reserve Chairman Jerome H. Powell regarding rate cuts.

On Tuesday, Powell stated that the Fed is not likely to cut interest rates at its next meeting in July, which had been widely expected by investors. This news caused a sell-off in global stock markets, including those in the Asia-Pacific region.

In Japan, the Nikkei 225 index fell 0.6%, while the Australian ASX 200 index dropped 1.3%. In South Korea, the KOSPI index was down 0.8%, and in Taiwan, the TAIEX index lost 0.7%.

However, not all countries in the region were affected negatively by Powell's comments. In China, the Shanghai Composite index gained 0.5%, while the Shenzhen CSI 300 index rose 1.2%.

Overall, the mixed performance of Asia-Pacific stocks on Wednesday was largely due to the pushback from Powell regarding rate cuts. While some countries saw declines, others were able to maintain their gains despite this news.