Shares in Asian markets on Monday opened mixed ahead of Australia and Malaysia central bank meetings this week.
Hong Kong’s Hang Seng index was 1.06% lower at 10.02 hours local time in Thailand, while mainland China’s Shanghai Composite fell 0.33%.
South Korea’s Kospi also fell 0.49%.
Meanwhile, the markets in Japan and Australia rose. The Nikkei 225 gained 0.58%, whilst the S&P/ASX 200 in Australia rose 0.98%.
Credit Suisse’s co-head of Asia-Pacific equity strategy, Dan Fineman, told CNBC on Monday that the markets appear to have fully priced in the amount of upcoming Fed rate hikes, but that the “very high risk of recession” means that the markets are unlikely to rally.
“I think that the worst is behind us. We probably will be bumping along the bottom, maybe a bit more downside from here, but I think the difficulties of the first half will not be repeated on the same scale in the second half,” he added.