Asian markets mixed after US fed hikes rates again

Asian markets were mixed in early trade on Thursday, after the Federal Reserve soured the mood on Wall Street by not only raising rates but also indicating that it would not cut them any time soon.

All three major US indices declined along with the dollar after the Fed’s latest hike, while recession worries drove US oil prices below $70 a barrel, where they remained on Thursday.

Hong Kong, however, bucked the slide on Wall Street to post solid morning gains of around one percent, driven by commerce and industry stocks.

Chinese shares got off to a shaky post-holiday start with early losses on the CSI 300, though the index managed to claw its way back into the green by late morning.

Sydney, Seoul, Wellington and Singapore were down, while Taipei, Jakarta and Manila were up.

Following an up day on European bourses, US stocks initially rose after the Fed hinted that Wednesday’s rate hike could be its last.

But after veering in and out of positive territory, shares fell decisively once Fed Chair Jerome Powell ruled out rate cuts in 2023.

This report’s information was first seen on ZAWYA; to read more, click this link.