Market Uncertainty Persists Amid China Stimulus and Fed Testimony
Asian stocks paused their rally as investors await China's rate decision and Powell's testimonies for clues on the path ahead. Japan's Nikkei slipped 0.4%, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%. China's blue chips slipped 0.5% while Hong Kong's Hang Seng index eased 0.6%. The People's Bank of China is widely expected to cut its benchmark loan prime interest rates on Tuesday, following a similar reduction in medium-term policy loans last week. The Bank of England also meets on Thursday when it is set to raise interest rates by a quarter point to a 15-year high of 4.75%. Oil prices tumbled more than 1% on Monday.