Asia-Pacific Markets Inch Lower as Investors Weigh Fed Hike

asia-pacific markets inch lower as investors weigh fed hike

Brendon Thorne | Bloomberg via Getty Images

This is CNBC’s live blog covering Asia-Pacific markets.

Asia-Pacific shares slipped on Friday as investors continue to weigh the Federal Reserve’s aggressive stance.

In Australia, the S&P/ASX 200 opened slightly higher but gave up gains to fall 1.16% on its return to trade after a holiday on Thursday.

South Korea’s Kospi dipped 0.68% and the Kosdaq declined 0.74%.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.18%.

Japan markets were closed for a holiday Friday.

Elsewhere in Asia, Singapore and Malaysia will report August’s consumer price index data.

On Wall Street overnight, stocks fell for a third consecutive day over recession fears following the Fed’s latest 75-basis-point rate hike.

The S&P 500 was 0.8% lower at 3,757.99, while the Nasdaq Composite lost 1.4% to 11,066.81. The Dow Jones Industrial Average dipped 107.10 points, or 0.3%, to 30,076.68.

— CNBC’s Samantha Subin and Sarah Min contributed to this report.

Japanese yen hovers around 142 against the U.S dollar

The Japanese yen traded at 142.33 against the greenback in Asia’s morning the day after Japanese authorities said they intervened in the currency market for the first time since 1998.

The yen strengthened to 140-levels before heading back to 142-levels.

“In our view, the Ministry of Finance [in Japan] needs to convince the U.S. Treasury to join the intervention,” Joseph Capurso of the Commonwealth Bank of Australia wrote in a Friday note, adding solo intervention by Japan “fails within a few weeks.”

— Abigail Ng

CNBC Pro: Back hedge funds to outperform equities and bonds this year, UBS says

As both stocks and bond prices fall simultaneously, hedge funds have broadly outperformed and are “well placed to navigate current market volatility,” according to a new report by UBS.

As market volatility persists, the Swiss bank shared the types of hedge funds it prefers.

Pro subscribers can read more here.{=null}

— Ganesh Rao

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