Hong Kong stocks hit an 11-year low after historic Fed rate hike
CNN
Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession.
The Hang Seng Index (HSI) fell as much as 2.6%, breaking below 18,000 points, before recovering slightly. By 3.30 a.m ET it was trading down 2% at 18,079, its lowest level since December 2011. Australia's S&P/ASX 200 index fell 1.6%, while Japan's Nikkei 225 (N225) and South Korea's Kospi both fell 0.6%. China's Shanghai Composite Index (SHCOMP) slipped 0.3%.
The falls came after the Federal Reserve on Wednesday approved a third consecutive 75-basis-point hike in an aggressive move to tackle white-hot inflation that has been plaguing the US economy.
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