Asia fights drag from Wall St as US assets buckle

Wayne Cole - Reuters - 22/04
Asian stock markets fought to hold their footing on Tuesday after a furious flight from U.S. assets undermined Wall Street and the dollar, while concerns about the independence of the Federal Reserve piled fresh pressure on Treasuries.
  • Asian stock markets :
  • Nikkei losses limited in wake of latest Wall St slide
  • Dollar, Treasuries under threat as Trump scolds Powell
  • Earnings another hurdle as Tesla due to report
  • Gold hits fresh record, oil steadies after dive
SYDNEY, April 22 (Reuters) - Asian stock markets fought to hold their footing on Tuesday after a furious flight from U.S. assets undermined Wall Street and the dollar, while concerns about the independence of the Federal Reserve piled fresh pressure on Treasuries.
Relatively limited losses in Asia sparked talk that funds could be reallocating money to equities in the area, though the impact of tariffs on economic growth remained a major drag.

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President Donald Trump's increasingly vocal attacks on Fed Chair Jerome Powell for not cutting interest rates saw Wall Street indexes shed around 2.5% on Monday and the dollar hit three-year lows.
"The 'sell America' trade was in full flight," said Tapas Strickland, head of market economics at NAB.
"Whether or not President Trump is legally able and willing to move against the Fed, the jousting underscores the loss of U.S. exceptionalism and the very real policy risk for investors."
The selling did abate somewhat in Asia, allowing S&P 500 futures to bounce 0.4% and Nasdaq futures 0.5%.
The market faces another test from earnings this week, with Tesla (TSLA.O), opens new tab due later in the session, having already shed almost 6% on Monday a...
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