Asian Shares Trade Lower amid Global Volatility

Concerns over the global economy led to a drop in share prices across Asia and the Pacific on Wednesday. This week, the United States will release inflation figures, which investors will be eagerly anticipating.

As of 9.37 a.m.Thai time, Hong Kong’s Hang Seng index fell 1.81% in early trade The Shanghai Composite in mainland China lost 0.91%.

The Nikkei 225 in Japan was fractionally lower. 

In Australia, the S&P/ASX 200  was about flat.

South Korea’s Kospi shed 0.46%.

Hong Kong shares were set for their lowest level in a decade, led by technology firms, and Chinese stocks fell to a six-month low.

On Wednesday, the central bank of South Korea followed market forecasts and increased interest rates by 50 basis points, to a new all-time high of 3%. The Korean won last traded at 1,432.36 per dollar.

Overnight in the US, the S&P 500 shed 0.65% to close at 3,588.84 after hitting a multiyear low during the session. The Nasdaq Composite ended the day down 1.10 percent at 10,426.19, its lowest close since July 2020. The Dow Jones Industrial Average ended the day at 29,239.19, up 36.31 points, or 0.12%.

US consumer pricing data is due Thursday, which might influence whether the Fed raises rates by 75 basis points for the fourth time in November.