New Zealand delivers its biggest rate hike ever; Asia-Pacific stocks mixed ahead of Fed minutes
Timilehin Adejumobi
1 min read
Shares in the Asia-Pacific are mixed Wednesday after U.S. stocks rose overnight and New Zealand’s central bank delivered a 75 basis point hike, the biggest rate hike ever in the central bank’s history.
The NZX 50 index in New Zealand fell 0.92%. The S&P/ASX 200 was up 0.61% despite the Reserve Bank of Australia governor Philip Lowe on Tuesday hinting at more rate hikes ahead.
South Korea’s Kospi rose 0.68%, while the Kosdaq climbed 1.74%. Japanese markets are closed for a public holiday.
Hong Kong’s Hang Seng index traded 0.57% higher. In Mainland China, the Shanghai Composite declined 0.19% and the Shenzhen Component was down 1.22%.
Singapore will release its inflation data, while Australia is expected to post its manufacturing data. Chinese smartphone maker Xiaomi is scheduled to report earnings later in the day.
Cleveland Fed President Loretta Mester also said recent inflation data is promising and that she’d support reduced interest rate hikes going forward.
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