HK stocks slip as US rate increase looms large
Stocks were mixed at the start of the Asian trading session on Wednesday as a rise in global bond yields and oil prices paused ahead of the US Federal Reserve's policy decision due later in the day. In Hong Kong, the benchmark Hang Seng Index opened up 122 points, or 0.5 percent, at 24,789 before falling into loss territory to be 36 points in the red in early trading. The tech index was 20…
Asian markets experienced mixed fortunes as bond yields and oil prices rose ahead of the US Federal Reserve's policy decision. Hong Kong's Hang Seng Index opened higher but later dipped, closing 36 points lower. China's Shanghai Composite and Shenzhen Component Indices also saw slight declines. Tokyo's Nikkei and Seoul's Kospi opened higher but later fell, with the Nikkei losing 222 points and the Kospi edging up to a breakeven point.
On Wall Street, the S&P 500 fell 0.5 percent, marking its second day of declines. The 10-year Treasury bond yield hit a three-year high, leading to cautious market sentiment. Traders predicted a 25-basis-point rate hike from the Federal Reserve, with a 92.4 percent probability according to the CME Group's FedWatch tool. Oil prices dropped after Brent crude futures fell 0.6 percent, despite a rise in prices earlier due to supply disruptions in the Red Sea.
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