Asian Equities Trade Lower as Markets Weigh Fed Massive Rate Hike

Shares in Asia-Pacific markets mostly traded lower on Friday, following another day of losses for US stocks that highlight expectations for tighter monetary policy and a weakening global economy.

As of 9.30 a.m. Thai time, in Australia, the S&P/ASX 200 fell 1.62% on its return to trade after a holiday on Thursday. South Korea’s Kospi dipped 1.10%.

Hong Kong’s Hang Seng index lost 0.25%.

Mainland China stocks were comparatively flat, with the Shanghai Composite dropping 0.13%.

On Wall Street overnight, stocks in major indexes dropped for a third straight day, as recession worries persisted in the wake of the Fed’s most recent 75-basis-point rate hike.

The S&P 500 was 0.8% lower at 3,757.99, while the Nasdaq Composite lost 1.4% to 11,066.81. The Dow Jones Industrial Average dipped 107.10 points, or 0.3%, to 30,076.68.

Also, Bloomberg said that rate hikes in the UK, Switzerland, and Norway overnight, as well as increases in Asia on Thursday in the Philippines, Indonesia, and Taiwan, look poised to dampen market sentiment in the region.