"Market Update: Global Equities Stabilize, Asian Shares Mixed as Fed's Powell Rethinks Rate Cuts"

Global equities stabilized following a recent selloff, with Asian currencies in focus as traders prepared for the Federal Reserve's higher-for-longer interest rates. The dollar halted its ascent after a five-day gain, exerting pressure on global emerging-market currencies. Stock markets in Asia diverged, with losses in Japan offset by gains in mainland China. Treasury yields traded in a narrow range after climbing to fresh 2024 highs, and market-implied expectations for Fed rate cuts declined after Fed chief Jerome Powell's comments on inflation. Elsewhere, New Zealand home-grown price pressures persisted, and Asian liquefied natural gas prices jumped to the highest level since early January while oil edged lower.