Asia-Pacific markets trade lower after Fed’s rate hike, signals more ahead

CNBC – UPDATED THU, DEC 15 20223:08 AM EST

Asia-Pacific markets mostly traded lower after the U.S. Federal Reserve raised its benchmark interest rate by 50 basis points to the highest level in 15 years.

The Hang Seng index fell 1.4%. In mainland China, the Shenzhen Component rose 0.3% and the Shanghai Composite fell 0.3% as official data showed retail sales shrank far more than expected, while industrial production disappointed. China’s annual Central Economic Work Conference will reportedly be held behind doors for two days until Friday.

The S&P/ASX 200 fell 0.64% to 7,204.8. The Nikkei 225 in Japan traded 0.37% lower to 28,051.7 and the Topix fell 0.18% to 1,973.9 as investors digest trade data from Japan and South Korea. The Kospi also fell 1.6% to 2,360.97.

In the U.S., the S&P 500 snapped a 2-day winning streak following the decision, with major averages hitting session lows after Fed Chair Jerome Powell signaled more data was needed before the central bank would meaningfully change its view on inflation.

Source: https://www.cnbc.com/2022/12/15/asia-markets-fed-rate-decision.html