Yahoo Finance Asian Equities Mixed After Fed Meeting; Trump Set for Chinese Tariffs Announcement
Investing.com - Asian equities were mixed in morning trade on Thursday, as investors considered the implications of the Fed’s policy decision. Fears of global trade wars continued to weigh as U.S. president Trump is reportedly set to impose tariffs on more than 100 different types of Chinese goods over intellectual-property violations on Thursday.
Federal Reserve officials raised the benchmark rate a quarter-point and continued to project a total of three hikes this year. The officials predicted a steeper path of hikes in 2019 and 2020, citing an improving economic outlook.
Facebook (NASDAQ:FB) remained in focus as CEO Mark Zuckerberg broke his silence on the data leak crisis, saying that he is open to some form of regulation, and that he is “happy to testify if it is the right thing”. Zuckerberg then added that he would inform any users whose data might be affected and would do a full forensic audit.
Overnight, the S&P 500 and the Dow both slipped 0.2%, while the Nasdaq fell 0.3%.
Japan’s Nikkei gained 0.2% at 10:40am ET (02:40GMT). The country’s manufacturing activity expanded at a slower pace at 53.2 on a seasonally adjusted basis in March as growth in new orders and output eased, compared to 54.1 in February.
In China, the Shanghai Composite and the Shenzhen Component fell 0.7% and 0.5% respectively. People’s Bank of China raised interest rate in open market operations following the Fed rate hike.
Hong Kong’s Hang Seng Index was up 0.1%. Tencent Holdings Ltd (HK:0700)’s share prices fell 1.7% after announcing a weaker-than-expected revenue. Citi cut the company’s target price to $532. PetroChina (HK:0857) jumped 2.8% after oil price rose on a surprise draw on U.S. crude inventories and the ongoing dollar weakness.
Down under, Australia’s S&P/ASX 200 slipped 0.1% after data showed 17,500 net new jobs were added in February, less than the estimate of 20,000. The Aussie lost momentum following the release of the data. Meanwhile, New Zealand’s central bank held interest rates unchanged at a record low, adding that it does not expect to raise them anytime soon.
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