The turbulent stock market returned to the decline phase after Federal Reserve (Fed) Chairman Jerome Powell confirmed that the central bank will continue to raise interest rates more aggressively.
Ijmal Powell's speech confirmed that the Fed will "forcefully use all power and resources" in controlling inflation in the United States (US), which is the highest in more than 40 years, even if it will "hurt" the economy.
LPL Finance economic analyst Jeffrey Roach's comments at the Jackson Hole Symposium concluded that curbing inflation is far more important than supporting the economy at the moment.
The streak, Asian markets started the trading session on a negative note with Japan's Nikkei 225 down 2.57% and Topix down 2.09% while South Korea's Kospi fell 2.5% while the Kosdaq plunged 3.14%.
MSCI's broadest index of Asia Pacific shares outside Japan fell 0.9%.
Revealing Wall Street, the major indexes that were in turmoil before Powell's speech at the Jackson Hole Symposium turned 'hot red' as the hawkish tone eroded investor confidence.
As the session closed last week the Dow Jones Industrial fell 3% at 32,283.4, the S&P 500 was down 3.4% at 4,057.7 and the Nasdaq Composite was down 3.9% at 12,141.7.
Meanwhile, the focus throughout the week will be on consumer confidence data, private employment data (ADP), job offer data (JOLTS), ISM survey manufacturing sector data and US NFP employment data.
On the opposite side, the 2-year US Treasury note reached 3.45%, the 10-year yield rose 3.09% and the 30-year yield jumped 3.2%.
