Asia report: Most markets lower as Fed hikes rates, PBOC stands pat
Most markets in Asia finished in the red in Thursday, as investors digested the Federal Reserve’s decision to raise interest rate targets for a fourth time in 2018 overnight.
In Japan, the Nikkei 225 slid 2.84% to 20,392.58, as the yen strengthened 0.81% against the dollar to last trade at JPY 111.57.
The broader Topix index ended the day 2.51% lower at 1,517.16 in Tokyo.
Technology conglomerate SoftBank Group extended its losses to fall 4.72%, after the float of its mobile division ended underwhelmingly on Wednesday.
That mobile division, SoftBank Corporation, had been down as much as 8% during the session on Thursday, but clawed back above the waterline to finish 1.09% higher.
On the mainland, the Shanghai Composite was 0.52% lower at 2,536.27, and the smaller, technology-heavy Shenzhen Composite managed to rise 0.2% to 1,297.10.
The People’s Bank of China stood pat on its short-term interest rates on Thursday, in another bid to underpin strength in small and medium firms in the country.
A day earlier, the central bank had confirmed new measures to make it easier for small businesses to borrow money.
South Korea’s Kospi was off 0.9% at 2,060.12, while the Hang Seng Index in Hong Kong fell 0.94% to 25,623.53.
Oil prices were lower as the region went to bed, with Brent crude last down 2.75% at $55.71 per barrel, and West Texas Intermediate off 3.35% at $46.61.
In Australia, the S&P/ASX 200 slipped 1.34% to 5,505.80, led lower once again by the region’s big four banks.
Australia and New Zealand Banking Group was down 1.63%, Commonwealth Bank of Australia lost 0.69%, National Australia Bank was 0.99% lower, and Westpac Banking Corporation weakened 1.07%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.1% at 8,772.19, led higher by casino operator SkyCity Entertainment, which was ahead 2.9%.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.37% at AUD 1.4016, and the Kiwi advancing 0.25% to NZD 1.4741.