Asian Stocks Drop Led by Energy After Fed Decision, Oil SlumpBy
Banks weigh on equities amid rates move, inflation concerns
Energy companies decline after oil slid on stockpiles data
Asian stocks fell as oil slumped and investors weighed the risks of weak inflation after the Federal Reserve showed resolve to continue tightening its monetary policy.
The MSCI Asia Pacific Index dropped 0.9 percent as of 5:27 p.m. in Hong Kong. The Hang Seng Index declined as Hong Kong followed the Fed in raising interest rates. Janet Yellen indicated the U.S. central bank is pressing ahead with plans to normalize monetary policy and suggested weak readings on inflation won’t persist. A group of energy companies lost the most in almost six weeks following the release of data showing U.S. gasoline inventories increased while crude stockpiles shrank less than expected.
Australia stocks fell as banking shares retreated from a two-day rally, overshadowing a report showing employment surged in May.
- Japan’s Topix -0.2%, Nikkei 225 -0.3%
- Japan Exporters, Banks Slide Before BOJ Meeting; Defensives Gain
- Hong Kong HSI -1.2%, HSCEI -1.6%; SHCOMP +0.1%
- Hong Kong Stocks Fall Toward Three-Week Low as Fed Raises Rates
- South Korea’s Kospi -0.5%, Taiex +0.2%
- Australia’s S&P/ASX 200 -1.2%
- Westpac Banking Corp. -2.7%; BHP Billiton -2.9%
- Indonesia’s JCI -0.3%, Singapore’s STI -0.7%, India’s Sensex Index -0.2%, Malaysia KLCI Index -0.1%, Philippines PCOMP and Thailand’s SET Index little changed