Asian stocks mixed after Federal Reserve chair pushes back on hopes for interest rate cut

Asian equities were mixed after Federal Reserve chair Jay Powell pushed back against the suggestion that the US central bank might begin cutting interest rates to cushion the blow from banking sector tumult.

China’s CSI 300 stock index was flat on return from an extended holiday on Thursday, as were South Korea’s Kospi and Australia’s S&P/ASX 200. Hong Kong’s Hang Seng index was the only major benchmark to notch any gains, up 0.9 per cent, while markets in Japan were closed for a holiday.