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Asian Stocks Approach Two-Year Low as Powell Spurs Risk-Off Mood

  • The benchmark MSCI Asia Pacific Index slides as much as 2.3%
  • Tech, financials and industrials the worst-performing sectors
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Asian stocks tumbled, with the regional benchmark approaching a two-year low reached mid-July, as investors fled risk assets after the Federal Reserve signaled it will keep raising interest rates to rein in inflation.

The MSCI Asia Pacific Index slumped as much as 2.3%, the most since June 13, with technology, financials and industrials the worst-performing sectors. Key equity gauges in Japan and Taiwan led regional losses, sliding more than 2% each.