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  • Writer's pictureBy The Financial District

Asian Stock Markets Higher After U.S. Rate Hike

Asian stock markets were mostly higher Thursday, May 4, 2023, after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it wasn’t sure what may come next, Joe McDonald reported for the Associated Press (AP).

Photo Insert: The Kospi in Seoul lost 0.2% to 2,495.40 and Sydney’s S&P-ASX 200 fell 0.1% to 7,187.20.



Shanghai and Hong Kong advanced while Seoul and Sydney declined. Japanese markets were closed for a holiday.


The Shanghai Composite Index rose 0.6% to 3,341.73 and the Hang Seng in Hong Kong surged 1% to 19,899.02. The Kospi in Seoul lost 0.2% to 2,495.40 and Sydney’s S&P-ASX 200 fell 0.1% to 7,187.20.



India’s Sensex opened up 0.2% at 61,300.29. New Zealand and Southeast Asian markets advanced. On Wall Street, the S&P 500 fell to 4,090.75. The Dow Jones Industrial Average lost 0.8% to 33,414.24 and the Nasdaq composite slipped 0.5% to 12,025.33.


In energy markets, benchmark US crude advanced 40 cents to $69 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $3.06 on Wednesday to $68.60.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Brent crude, the price basis for international oil trading, was at 60 cents to $72.93 per barrel in London. It fell $2.99 in the previous session to $72.33. The dollar fell to 134.51 yen from Wednesday’s 135.46 yen. The euro rose to $1.1081 from $1.1058.





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