Stocks fall after Fed hints at more hikes

Pedestrians walk past the Exchange Square complex, home to the Hong Kong Stock Exchange, in Hong Kong, China, Tuesday, March 23, 2021.

Paul Yeung | Bloomberg via Getty Images

Asia-Pacific shares fell on Thursday after US Federal Reserve Chairman Jerome Powell said. Also proposed hikes After raising rates by 75 basis points As expected, discussions about suspending the tightening cycle are “premature.”

of Hong Kong Hang Seng Index It fell 3.11% in the final hour of trading, leading losses in the broader Asia-Pacific trading session. Hang Seng Tech fell 3.49%. Mainland China Shanghai Mix It lost 0.19% to 2,997.81 Shenzhen component It was down 0.344% at 10,840.06.

In Australia, the S&P/ASX 200 6,857.90 down 1.84%. The Cosby It fell 0.33% to 2,329.17 and the Japanese market was closed for the holiday on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2.01%.

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

Indices rose at the start of the session on a line from the Fed’s statement that “the committee will take into account the overall tightening of monetary policy, economic activity and inflation, and economic and financial developments.”

— CNBC’s Patti Dome and Jeff Cox contributed to this report.

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