Australia stocks drop nearly 2%; Asian markets slide, Singapore inflation reaches 2008 levels
Asia-Pacific shares fell on Friday as investors continue to weigh the Federal Reserve’s aggressive stance.
In Australia, the S&P/ASX 200 fell to its lowest levels since July on its return to trade after a holiday on Thursday, then recovered some losses to close 1.87% down at 6,574.70. South Korea’s Kospi dipped 1.81% to 2,290.
Hong Kong’s Hang Seng index lost 1.18% in the final hour of trade. Mainland China stocks were also lower, with the Shanghai Composite shedding 0.66% to 3,088.25 and the Shenzhen Component losing 0.972% to 11,006.41.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.35%. Japan markets were closed for a holiday Friday.
Elsewhere in Asia, inflation in Malaysia came in in line with expectations, while Singapore’s consumer price index rose more than expected. The Straits Times index extended losses after the announcement and was 1.14% lower in afternoon trade.
On Wall Street overnight, stocks fell for a third consecutive day over recession fears following the Fed’s latest 75-basis-point rate hike.
The S&P 500 was 0.8% lower at 3,757.99, while the Nasdaq Composite lost 1.4% to 11,066.81. The Dow Jones Industrial Average dipped 107.10 points, or 0.3%, to 30,076.68.