Oil rises nearly 3% after Putin’s speech; Asia markets lower ahead of the Fed’s rate hike
Shares in the Asia-Pacific traded lower Wednesday, following Wall Street’s negative lead ahead of the Federal Reserve’s expected rate hike.
Oil prices rallied in Asia’s afternoon after Russian president, Vladimir Putin, announced a partial military mobilization.
Hong Kong’s Hang Seng index fell 1.6% in the final hour of trade, and the Hang Seng Tech index dropped 2.7%. In mainland China, the Shanghai Composite lost 0.17% to 3,117.18 and the Shenzhen Component was 0.668% lower at 11,208.51.
South Korea’s Kospi declined 0.87% to 2,347.21. MCSI’s broadest index of Asia-Pacific shares outside Japan shed 1.4%.