---
title: "\"Global Markets\" Asian stocks strive to stand firm, while the decline of U.S. stocks and the dollar is limited"
description: "Asian stock markets are struggling to maintain stability against the backdrop of falling U.S. stocks and the dollar. Despite Trump's criticism of Federal Reserve Chairman Jerome Powell exacerbating ma"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/236878309.md"
published_at: "2025-04-22T02:21:04.000Z"
---

# "Global Markets" Asian stocks strive to stand firm, while the decline of U.S. stocks and the dollar is limited

> Asian stock markets are struggling to maintain stability against the backdrop of falling U.S. stocks and the dollar. Despite Trump's criticism of Federal Reserve Chairman Jerome Powell exacerbating market unease, leading to a decline of about 2.5% in U.S. stocks and the dollar hitting a three-year low, the declines in Asian markets have been relatively limited. With earnings reports from companies like Tesla set to be released, the market faces new challenges. The Nikkei index fell slightly by 0.3%, while the MSCI Asia-Pacific index dropped by 0.2%

Asian Stock Markets: here

After the latest wave of declines in the US stock market, the Nikkei index's drop is limited.

Trump criticizes Powell, putting pressure on the dollar and US bonds.

Tesla will release its earnings report, with corporate profits being another obstacle.

Gold prices hit record highs, while oil prices stabilize after a plunge.

Reuters Sydney, April 22 - Asian stock markets struggled to hold their ground on Tuesday, following a massive outflow from US assets that severely impacted US stocks and the dollar, while concerns over the independence of the Federal Reserve added new pressure on US bonds.

Although the impact of tariffs on economic growth remains a major obstacle, the declines in Asian markets were relatively limited, leading to speculation that funds may be reallocated to Asian stocks.

President Trump’s criticism of Federal Reserve Chairman Powell for not cutting interest rates intensified, causing Wall Street indices to drop about 2.5% on Monday, with the dollar hitting a three-year low.

“The ‘sell America’ trade is fully underway,” said Tapas Strickland, NAB's head of market economics.

“Regardless of whether President Trump has the legal ability and willingness to take action against the Federal Reserve, this debate highlights the loss of American exceptionalism and the very real policy risks facing investors.”

The selling pressure during the Asian session did ease, leading to a 0.4% rebound in S&P 500 futures (ESc1) and a 0.5% rise in Nasdaq futures (NQc1).

This week, the market will face another test with earnings reports, as reports of production delays at Tesla (TSLA.O) caused its stock price to drop nearly 6% on Monday.

Other companies set to report earnings this week include Alphabet (GOOGL.O), Boeing (BA.N), Northrop Grumman (NOC.N), Lockheed Martin (LMT.N), and 3M (MMM.N), among a series of notable industrial giants.

Affected by the decline in US stocks, the Japanese Nikkei index (.N225) fell 0.3%, while the MSCI Asia-Pacific (excluding Japan) index (.MIAPJ0000PUS) dropped 0.2%. The China CSI 300 index (.CSI300) remained stable for the time being.

European stock index futures are also in decline, with EUROSTOXX 50 index (STXEc1), FTSE index (FFIc1), and German DAX index (FDXc1) futures all trading down about 0.7%.

Lack of Confidence

The yield on 10-year US Treasury bonds (US10YT=RR) held at 4.40%, having previously risen, as concerns grew that the White House might attempt to replace Powell with a candidate more inclined to cut rates.

Additionally, there are worries that the Federal Reserve may be less willing to loosen policy at this time to avoid being seen as yielding to political pressure.

While the White House is currently negotiating or about to begin negotiations on various trade agreements, it seems unlikely that issues will be resolved quickly. JPMorgan analysts noted that negotiations for trade agreements typically take an average of 18 months, with implementation requiring 45 months.

“They stated in a note: ‘We reiterate our view that if current policies do not change, the probability of a recession in the US by 2025 is 90%.’The loss of confidence in U.S. assets has severely impacted the dollar, with the dollar index (=USD) hitting its lowest point since March 2022 at 97.923 on Monday.

The USD/CHF (CHF=EBS) reached a ten-year low of 0.8038, while the euro (EUR=EBS) briefly broke above 1.1500 USD, then stabilized at 1.1486 USD.

The weakness of the dollar, combined with demand for safe-haven assets, helped gold prices (XAU=) reach a new high, surpassing 3,343 USD per ounce. (GOL/)

On Tuesday, oil prices rebounded slightly, with Brent crude futures (LCOc1) rising by 58 cents to 66.82 USD per barrel; U.S. crude (CLc1) increased by 51 cents to 63.59 USD per barrel

### Related Stocks

- [TSLA.US - Tesla](https://longbridge.com/en/quote/TSLA.US.md)
- [YCS.US - Pro Ultrshrt Yen](https://longbridge.com/en/quote/YCS.US.md)
- [MMM.US - 3M](https://longbridge.com/en/quote/MMM.US.md)
- [GOOG.US - Alphabet - C](https://longbridge.com/en/quote/GOOG.US.md)
- [JPM.US - JPMorgan Chase](https://longbridge.com/en/quote/JPM.US.md)
- [BA.US - Boeing](https://longbridge.com/en/quote/BA.US.md)
- [LMT.US - Lockheed Martin](https://longbridge.com/en/quote/LMT.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
