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Asian stocks mixed after Fed confirms rate hike plans | Sotck exchange

Asian stocks mixed after Fed confirms rate hike plans |  Sotck exchange

 


BEIJING (AP) Asian stock markets were mixed on Thursday after notes from the Federal Reserve’s latest meeting confirmed expectations for further interest rate hikes, but contained no surprises to shake investors.

Benchmarks in Hong Kong and Sydney fell while Tokyo, Shanghai and Seoul were up. Oil prices also rose.

Investors are concerned about the impact of interest rate hikes in the United States and other Western economies on slowing runaway inflation. Wednesday’s Fed statement showed board members backing 0.5 percentage point hikes at their next two meetings. This will weigh on economic activity, but has already been priced into equity prices.

There were no hawkish or dovish surprises or mention of a bigger increase, ActivTrades’ Anderson Alves said in a report.

The Shanghai Composite Index rose 0.4% to 3,111.17 and the Nikkei 225 in Tokyo advanced less than 0.1% to 26,689.00. The Hang Seng in Hong Kong fell 0.6% to 20,053.50.

Seoul’s Kospi gained 0.5% to 2,630.34 while Sydney’s S&P-ASX 200 fell 0.4% to 7,126.20. New Zealand and Singapore rose while Bangkok fell.

On Wall Street, the benchmark S&P 500 index rose 0.9% to 3,978.73. The Dow Dow Jones Industrial Average gained 0.6% to 32,120.28. The Nasdaq composite climbed 1.5% to 11,434.74.

the Fed meeting minutes this month, most board members agreed that half-point increases in the Fed’s benchmark short-term rate would likely be appropriate. This would be double the usual margin of increase.

Investors are also worried about the impact of Russia’s invasion of Ukraine in February and a sharp and unexpected Chinese economic slowdown.

They hope the Fed will be able to calm inflation, which is at its highest level in four decades, without tipping the world’s largest economy into recession.

The Fed raised its key rate by 0.5 percentage points at its May meeting in its most aggressive move in two decades. This indicated that more hikes were to come.

The S&P 500 is emerging from a series of seven-week declines that nearly ended the bull market for actions that started in March 2020.

In energy markets, benchmark U.S. crude added 58 cents to $110.91 a barrel in electronic trading on the New York Mercantile Exchange. It was up 56 cents the previous session at $110.33. Brent crude, the basis for international oil prices, gained 44 cents to $111.56 a barrel in London. It advanced 47 cents the previous session to $114.13 a barrel.

The dollar rose slightly to 127.36 yen from 127.32 yen. The euro gained $1.0698 from $1.0688.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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