Asian stocks waver after deep rout, Fed leaves markets guessing on rates

SINGAPORE: Asian stocks struggled for direction in volatile trading on Thursday after a week of market turbulence sparked by AI jitters, as a divided Federal Reserve stood pat on rates and left bond markets uncertain about the next move.
Brent futures slipped below $90 per barrel, after jumping over 7% a day earlier as fighting in the Middle East escalated, although data showed tankers continued to make their way out of the region despite the continued strikes.
The dollar wobbled after the US central bank held rates steady although the split decision left investors confused on whether the Fed will see through rate hikes to combat inflation. Yields on longer-dated US Treasuries rose to 19-year highs.
Nasdaq futures rose 0.4% while European futures pointed to a muted open. Investor attention will be on policy decision from the Bank of England, where the central bank is expected to stand pat.
MSCI's broadest index of Asia-Pacific shares outside Japan was last down 0.6% after swinging wildly between gains and losses through the session. Japan's Nikkei was 0.24% higher, but set for ⁠a 4% drop in the week.
Asian chipmakers have been at the centre of attention this week after a bruising selloff in South Korean equities wiped more than $2 trillion off market value and heightened investor anxiety over the payoff from huge AI investments. — Reuters