Asian stocks recover from steep losses on Fed talk

Men wearing protective face masks walk under an electronic board showing Japan's average share inside a conference hall, amid the coronaviruses disease COVID-19, in Tokyo, Japan, January 25, 2022. Jan 28 Reuters Asian stocks recovered some of their steep losses from the previous session on Friday after U.S. markets limited further declines from hawkish U.S. Fed comments, supported by strong earnings at Apple Inc. AAPL.O and Nasdaq 100 e-minis rose by 0.8% after Apple reported record sales in the holiday quarter. Apple shares rose by over 5% in the after-hours trading.

MSCI's broadest index of Asia-Pacific shares outside Japan MIAPJ 0000 PUS was up 0.2% after sliding 2.26% on Thursday. The index is down 5.1% so far this month.

Australian shares AXJO were up 1.16%, while Japan's stock index N 225 rose 1.49%.

On Friday, China's blue-chip CSI 300 index CSI 300 rose 0.24%, with China's blue-chip CSI 300 index CSI 300 0.24% higher. Hong Kong's Hang Seng index HIS was down 0.41%.

On Wall Street, U.S. stocks fell after a solid opening as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the possibility of a more hawkish Federal Reserve.

The Dow Jones Industrial Average DJI fell 0.02%, the S&P 500 SPX lost 0.54% and the Nasdaq Composite IXIC fell 1.4%. The Commerce Department's advance take on fourth-quarter GDP showed that the U.S. economy in 2021 grew 6.9% at its fastest pace in nearly four decades, which is why the U.S. markets opened higher.

The gains were slashed as investors looked at how strong economic growth might inform the Fed's thinking.

The dollar is currently on its best week in seven months because of the possibility of faster or larger U.S. interest rate hikes. The dollar went up 0.1% against the yen to 115.45 on January 4, a new high this year of 116.34.

The USD pushed through resistance overnight as it built on its FOMC gains. CBA analysts said that the USD was largely better than expected as a result of the U.S. economic data.

The yield on benchmark 10 year Treasury notes rose to 1.8155% compared to the U.S. close of 1.808% on Thursday. The two-year yield, which has gone up with traders' expectations of higher Fed fund rates, touched 1.1981%, compared with a U.S. close of 1.192%.

U.S. crude went up 0.67% to $87.19 a barrel. The price of crude reached $89.34 per barrel.

The tension between Russia and Ukraine pushed oil prices to seven-year highs earlier in the week.

The gold was slightly dipped. Spot gold was traded at $1796.06 per ounce.