HSI Sheds 1.4 Percent As US Rate Worry Spooks Asia
"); jQuery("#212 h3").html("
![Related News Programmes Related News Programmes](http://newsstatic.rthk.hk/frontend_images/images/headers/sub-headers/related_news_programe.png)
"); });
2018-02-28 HKT 16:30
Hong Kong and Shanghai stocks tumbled on Wednesday, in line with an Asia-wide sell-off on worries about sharp rises in US interest rates, while traders were also spooked by weak mainland factory data.
The Hang Seng Index fell 1.4 percent, to end at 30,844.
In his closely watched debut before lawmakers, new Federal Reserve chief Jerome Powell said the outlook had improved since December, when Donald Trump pushed through massive across-the-board tax cuts. While it was a positive sign for the world's top economy, the appraisal spooked investors already on edge at the prospect of higher borrowing costs.
On the mainland, benchmark Shanghai Composite Index lost 1 percent, to 3,259 while the Shenzhen Composite Index gained 0.2 percent, to 1,811.
Tokyo stocks sagged, as worries about higher interest rates continued to dog the market. The benchmark Nikkei 225 index lost 1.4 percent, to 22,068.
Sydney dropped 0.7 percent, Singapore eased 0.2 percent and Seoul was off 1.2 percent. Manila and Mumbai also lower.
The US dollar extended the gains in Asia against the pound and euro, though the safe-haven yen edged back up.
The greenback also racked up strong gains against other regional currencies, with the Australian dollar down 0.5 percent and South Korea's won more than one percent down. The Thai baht, Indonesian rupiah and New Zealand dollar were also well down. (AFP)
US Stocks Rise On Hopes Of Pause In Rate Increases
Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more
China's Financial Risks 'controllable': Regulators
The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more
Banks Cut Yuan Deposit Rates, Could Boost Consumption
China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more
Cheese And Wine Put EU, Australia Deal In Peril
Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more
US Stocks End Mixed As Tech Shares Are Sold Off
Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more
Amazon 'plans Prime Video Streaming Service With Ads'
Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more