- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Ratan Tata: Indian mogul who built a global powerhouse
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Fed minutes highlight divisions over rate cut decision
Stocks fall, dollar climbs on Fed rate warning
Stock markets fell and the dollar firmed on Tuesday as Federal Reserve Chair Jerome Powell warned that the central bank could step up its rate hike campaign to fight inflation.
Investors had been eagerly awaiting fresh signals about when the Fed might pause its rate-tightening cycle.
But Powell said in prepared remarks before two days of testimony in Congress that the central bank "would be prepared to increase the pace of rate hikes" following strong economic economic data.
The Fed and other central banks worldwide have been hiking rates in efforts to tame decades-high inflation, but the policy could also tip economies into recession.
"Nothing matters more to the stock market these days than the direction of interest rates," said Briefing.com analyst Patrick O'Hare.
The Fed raised rates by 25 basis point last month after a half-point increase in December that followed a series of three-quarter hikes.
"We will stay the course until the job is done," Powell said in the statement.
While analysts are betting on the United States and other major economies possibly avoiding recession despite inflation remaining elevated, there are concerns over China after the world's second-biggest economy set a lower-than-expected target for its growth this year.
Powell said that strong employment, consumer spending, manufacturing production and inflation figures in January indicated a partial reversal of earlier softening trends, which was likely due to "unseasonably warm weather in January".
Following Powell's testimony, attention will switch to US jobs data for February that is due Friday.
That comes after January's reading showed more than half a million new jobs were created, far more than expected.
Wall Street and European stock markets were down following Powell's comments.
The greenback surged against the British pound, euro and yen as higher rates make the US currency more attractive to investors.
Oil prices fell around two percent.
- Key figures around 1555 GMT -
New York - Dow: DOWN 0.7 percent at 33.183.58 points
London - FTSE 100: Down less than 0.1 percent at 7,925.07
Frankfurt - DAX: DOWN 0.6 percent at 15,568.26
Paris - CAC 40: DOWN 0.4 at 7,345.83
EURO STOXX 50: DOWN 0.7 percent at 4,282.83
Tokyo - Nikkei 225: UP 0.3 percent at 28,309.16 (close)
Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,534.48 (close)
Shanghai - Composite: DOWN 1.1 percent at 3,285.10 (close)
Euro/dollar: DOWN at $1.0646 from $1.0684 on Monday
Pound/dollar: DOWN at $1.1869 from $1.2023
Euro/pound: UP at 88.89 pence from 88.84 pence
Dollar/yen: UP at 136.32 yen from 135.95 yen
West Texas Intermediate: DOWN 2.3 percent at $78.60 per barrel
Brent North Sea crude: DOWN 2.0 percent at $84.46 per barrel
A.Zimmermann--CPN