Hong Kong stocks fall 3 leading to losses in Asia Pacific

Hong Kong stocks fall 3%, leading to losses in Asia-Pacific after Fed announces more rate hikes

Pedestrians walk past the Exchange Square complex which houses the Hong Kong Stock Exchange in Hong Kong, China, on Tuesday, March 23, 2021.

Paul Yeung | Bloomberg via Getty Images

Asia-Pacific stocks fell on Thursday after Federal Reserve Chair Jerome Powell announced more rate hikes after raising rates by 75 basis points as expected, calling talks of a break in the tightening cycle “premature.” “ referred to.

Hong Kong’s Hang Seng index fell 3.29%, leading to losses in the broader Asia-Pacific trading session. Hang Seng Tech fell 4.14%. Mainland China’s Shanghai Composite lost 0.11% and the Shenzhen Component lost 0.45%.

In Australia, the S&P/ASX 200 was last down 1.86%. The Kospi fell 0.94% and the Japanese market was closed for a holiday on Thursday. The MSCI’s broadest index of Asia-Pacific equities outside Japan fell 2%.

Overnight on Wall Street, the Dow Jones Industrial Average fell 505.44 points, or 1.55%, to 32,147.76, and the S&P 500 lost 2.5% to 3,759.69. The Nasdaq Composite fell 3.36% to 10,524.80.

The indices rose earlier in the session on a line in the Fed statement that said: “The committee will review the cumulative monetary tightening, the lags with which monetary policy is affecting economic activity and inflation, as well as economic and financial take developments into account.”

– CNBC’s Patti Domm and Jeff Cox contributed to this report.