Asian indices down, Chinese and Australian bank suffer following Fed's rate hike
- Asian Market
- 1 month ago
The Fed’s decision to raise rates has already taken effect as Asian indices and Bank sectors declined following the news.
Starting with China, the Shanghai composite retreated by 0.82% and the Shenzhen composite too fell by 0201%.
Its banking sector saw declines as the Industrial and Commercial Bank of China tumbled by 1.88%, the Agricultural Bank of China fell by 1.70% and the China Construction Bank slipped by 2.29%.
Meanwhile Hong Kong's Hang Seng decreased by 1.13% due to HSBC’s loss of 0.85%.
Japan's indexes both saw losses as SoftBank’s shares continued to disappoint, the Nikkei225 and Topix shed 3% and 2.755 respectively.
South Korea's Kospi fell behind by 1.4% due to LG Electronics suffering a dip of 4.75%.
Over in Australia, the ASX 200 slid by 0.76% and its banking sector did not fare too well either.
ANZ dropped by 1.23%, National Australia Bank fell by 0.81%, the Commonwealth Bank of Australia too dropped by 0.29% and Westpac retreated by 0.33%.
Source: Smart Trend Team