Markets across Asia-Pacific were mostly lower as traders waited for the U.S. Federal Reserve's rate announcement on Wednesday. It is anticipated that the Fed would approve a hike in interest rates, which would be the eleventh one since March 2022. Markets are already factoring in the certainty that the Fed will approve a quarter-point increase, …
Markets across Asia-Pacific were mostly lower as traders waited for the U.S. Federal Reserve’s rate announcement on Wednesday. It is anticipated that the Fed would approve a hike in interest rates, which would be the eleventh one since March 2022. Markets are already factoring in the certainty that the Fed will approve a quarter-point increase, bringing its benchmark borrowing rate to a target range of 5.25%-5.5%. The federal funds rate’s upper bound would therefore increase to its highest level since January 2001 as a result. Australia’s S&P/ASX 200 increased by 0.64% as the nation’s inflation rate dropped from 7% in the first quarter to 6% overall. In Japan, the Topix and Nikkei 225 both fell by 0.18% and 0.16% respectively, extending their losses from Tuesday. The Kosdaq in South Korea lost 0.24%, while the Kospi fell 0.97%. The mainland Chinese markets all decreased, and the Hang Seng index in Hong Kong retreated from Tuesday’s rise and sank 0.56%. The Shenzhen Component lost 0.31% and the Shanghai Composite was down slightly.
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