Asia-Pacific markets lower as investors continue to weigh the Fed’s aggressive stance

Japan Market Closed.

China -0.45%.

Hong Kong -0.58%.

Australia -2.01%. Australian preliminary PMI (September): Manufacturing 53.9 (prior 53.8).

India -1.01%.

Overnight in the U.S., the major stock indices are all closing lower for the 3rd day in a row, following the Fed’s latest 75-basis-point rate hike.

The Dow fell -107.12 points or -0.39% at 30076.67;The S&P fell -31.94 points or -0.84% at 3758.00 and The Nasdaq fell -153.38 points or -1.37% at 11066.82.

South Korea’s August PPI has fallen m/m, its first decline since October 2020.

Singapore’s headline inflation figure for August jumped more than expected from a year ago to 7.5%, the fastest pace of increase since 2008. The print is higher than analysts’ predictions of 7.2%. Core inflation, which is closely watched by the Monetary Authority of Singapore, rose 5.1%, slightly above than the expected 5%.

Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow’s new mobilization campaign in its invasion of Ukraine would further restrict global supplies.

Brent crude futures gained 16 cents, or 0.2%, to $90.62 per barrel by 0020 GMT, while U.S. West Texas Intermediate crude futures were up 22 cents to $83.71 per barrel.

Gold prices were flat on Friday as the dollar held close to its recent peak while the likelihood of more aggressive interest rate hikes by the U.S. Federal Reserve also weighed on the appeal for non-yielding bullion.

Spot gold was flat at $1,671.60 per ounce by 0107 GMT. U.S. gold futures ticked 0.1% higher to $1,682.80.

Spot silver was flat at $19.64 per ounce, platinum rose 0.3% to $903.22, while palladium dipped 0.2% to $2,165.10.

U.S. futures lower. Dow Jones -0.09%; S&P 500 -0.10%; Nasdaq -0.17%.

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