Asian stock markets rose Wednesday as investors waited for U.S. inflation data some worry might lead to more interest rate hikes.
Tokyo’s Nikkei 225 JP:NIK rose 0.5%. The Hang Seng HK:HSI in Hong Kong rose 0.7% and the Shanghai Composite Index CN:SHCOMP gained 0.4%.Tokyo’s Nikkei 225 NIK rose 0.5%. The Hang Seng HSI in Hong Kong rose 0.7% and the Shanghai Composite Index SHCOMP gained 0.4%.
New Zealand’s central bank on Wednesday lifted its benchmark interest rate half a percentage point to 2.5% as it attempts to dampen inflation. It was the third time this year that the Central Bank of New Zealand had lifted the cash rate by 50 basis points, following hikes in April and May. There was also a quarter-percentage-point rise in February.
Investors worry U.S. and European central bank action to cool inflation that is running at a four-decade high might derail global economic growth. The Federal Reserve raised its key interest rate by 0.75 percentage points last month, triple its usual margin, and two members of its rate-setting panel say they support a similar hike this month.
The S&P 500 SPX lost 0.9% to 3,818.80, declining for a third day. Technology, health care and energy stocks accounted for a big share of losses.
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