Asian shares fall after Fed signals faster rate hikes

Published: June 21, 2018 11:24:57 | Updated: June 23, 2018 11:32:52

File Photo (Collected)

Asian stocks slipped on Thursday after the US Federal Reserve raised its key interest rate and said it would pick up the pace of future increases.

South Korea's market benchmark tumbled 1.6 per cent on the first trading day after a meeting of US and North Korean leaders.

Japan's Nikkei 225 fell 0.4 per cent to 22,886.15 while South Korea's Kospi sank to 2,430.15. Hong Kong's Hang Seng index dropped 0.6 per cent to 30,541.22.

China's Shanghai Composite Index was down 0.3 per cent to 3,041.22. Australia's S&P-ASX 200 slipped 0.2 per cent to 6,012.80.

Stocks in Taiwan, Singapore and other Southeast Asian markets also were lower, reports AP.

The S&P 500 index fell 0.4 per cent to 2,775.63. The Dow Jones industrial average lost 0.5 per cent to 25,201.20. The Nasdaq composite slipped 0.1 per cent to 7,695.70.

The Russell 2000 index of smaller-company stocks shed 0.3 per cent to 1,676.54.points.

The dollar slipped to 110.23 yen from 110.33 yen. The euro rose to $1.1802 from $1.1793.

Benchmark US crude fell 2 cents to $66.62 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 0.4 per cent to $66.64 a barrel in New York on Wednesday.

Brent crude, used to price international oils, lost 23 cents to $76.51 per barrel in London. It gained 1.1 percent to $76.74 per barrel on Wednesday.

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