Asian stocks close lower, awaiting further US interest rate hike

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Asian stocks closed lower on Monday, after another week of robust losses on Wall Street, as investors braced for yet another aggressive rate hike from the Federal Reserve. .

In Hong Kong, the Hang Seng index fell 1.04% to 18,565.97 points, while the South Korean Kospi dropped 1.14% in Seoul, to 2,355.66 points, and the Taiex registered a drop of 0.93%. in Taiwan, at 14,425.68 points. In Tokyo, there was no business today due to a national holiday in Japan.

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In mainland China, the tone was similarly negative: the Shanghai Composite dropped 0.35% to 3,115.60 points, and the less comprehensive Shenzhen Composite slipped 0.76% to 1,990.36 points.

The lack of risk appetite in Asia came after the New York stock exchanges racked up losses of up to more than 5% in the last week, on the expectation that the Fed will raise rates by 75 basis points for the third time in a row next Wednesday ( 21), as US inflation remains persistent.

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This week, the Bank of Japan (BoJ) also reviews its monetary policy, but the forecast is that its ultra-accommodative stance remains unchanged.

In China, the PBoC cut the 14-day reverse repo (repo) interest rate by 10 basis points to 2.15%, but there is no expectation of a reduction in the country’s key rates, known as LPRs.

Oceania

In Oceania, the Australian stock exchange followed the general bad mood, and the S&P/ASX 200 fell 0.28% in Sydney, at 6,719.90 points.

Source: CNN Brasil

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