Stock market today: Asian markets higher after US rate hike
Asian stock markets are mostly higher after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it isn’t sure what may come next
By JOE McDONALD
Published - May 04, 2023, 01:09 AM ET
Last Updated - Jun 21, 2023, 11:05 PM EDT
BEIJING AP" target="_self">(AP) — Asian stock markets were mostly higher Thursday after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it wasn't sure what may come next.
Shanghai and Hong Kong advanced while Seoul and Sydney declined. Japanese markets were closed for a holiday.
Wall Street's benchmark S&P 500 index fell 0.7% on Wednesday after the Fed announced a 0.25 percentage point increase in its lending rate. The Fed dropped a reference to “additional policy firming” in its statement but stopped short of declaring an end to rate hikes.
“The key takeaway, in my view, is that we are likely at or very near the end of the rate hike cycle,” Kristina Hooper of Invesco said in a report.
