Asian stocks down on threat of further US rate rises
Asian equities edged lower on Friday morning, as investors assessed the possibility of further interest rate increases by the Federal Reserve.
Hong Kong’s Hang Seng index shed 0.1 per cent, Japan’s Topix fell 0.4 per cent and South Korea’s Kospi slid 0.3 per cent. The mainland Chinese benchmark CSI 300 was flat.
Minutes from the Fed’s last meeting showed that officials were divided over the need for future rate increases, with some seeing “significant upside risks to inflation”. The US Labor Department on Thursday reported a decline in the number of applications for unemployment benefits for the week ending August 12, adding to the case for tight monetary policy.
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