Asian Markets Head Down With Fed Rates Set To Rise More 18 October 2018
Mohammad Ali (@ChaudhryMAli88) Published October 18, 2018 | 11:58 AM
Asian markets resumed their downtrend on Thursday as investors contemplated more interest rate hikes by the Federal Reserve, while Washington added to China-US frictions and Brexit negotiators struggle to find common ground
Hong Kong, (UrduPoint / Pakistan Point News - 18th Oct, 2018 ) :Asian markets resumed their downtrend on Thursday as investors contemplated more interest rate hikes by the Federal Reserve, while Washington added to China-US frictions and Brexit negotiators struggle to find common ground.
The broad rally across world markets in the middle of the week that was fuelled by upbeat earnings gave way to ongoing uncertainty about the global outlook.
Minutes from the Fed's latest policy meeting showed board members expect to hike borrowing costs as the world's top economy goes from strength to strength and inflation picks up.
However, some members highlighted the chances of further instability among emerging markets, which have been battered in recent months by a flight of capital to the US and fuelling concerns of contagion that could throw the global economy off track.
The minutes sent the US Dollar higher on Wednesday and it held its gains in Asian trade against its peers, while high-yielding and emerging market currencies were deep in the red.
All three main Wall Street indexes ended negative -- a day after chalking up their best day in more than six months -- with below-par earnings denting sentiment.
And in Asia Tokyo ended the morning 0.5 percent lower, while Sydney lost 0.1 percent, Seoul fell 0.6 percent and Singapore shed 0.5 percent.
Hong Kong, which returned after a one-day break to play catch-up with Wednesday's rally, was flat.
Shanghai dived 1.7 percent as already strained relations between China and the US took another hit after the White House said it plans to withdraw from an international treaty on postal rates in a move aimed at pressuring Beijing.
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