Powell's lack of confidence drags markets down, while European stocks close higher

Markets turned bearish after Federal Reserve Chair Jerome Powell emphasized that tackling inflation remains the central bank's primary concern and warned that rate hikes are still a possibility. This dashed hopes of an impending rate cut and led to a decline in stocks, with Asian shares reaching their lowest point in a week. European bourses are expected to follow suit. The rise in U.S. Treasury yields and a weak auction of 30-year Treasuries also contributed to the dollar's strength. Additionally, a ransomware attack on the Industrial and Commercial Bank of China's U.S. arm disrupted trades in the U.S. Treasury market, while Walt Disney delayed the release of several highly anticipated films due to adjustments in Hollywood studios' schedules following the end of the actors' strike.