Asian Stocks Struggle Amid Rate Hike Fears and China Uncertainty

Asian stocks traded mostly flat to lower as concerns over potential interest rate hikes by the Federal Reserve resurfaced. Uncertainty surrounding China's economy also weighed on regional sentiment, following weak economic data for October. While Asian markets had experienced a strong rally in recent weeks, they cooled off as investors awaited further guidance from the Fed and China. Japanese stocks rose slightly, while South Korean stocks stabilized after a ban on short-selling. Australian stocks were mixed, with bank stocks benefiting from a central bank decision, but commodity stocks declining. Chinese stocks remained flat, with hopes for government support in the property market offset by weak economic data. Fed officials' comments suggesting further rate hikes added to market uncertainty, with focus now on upcoming speeches by Fed Chair Jerome Powell for more guidance on monetary policy.