Asian Stocks slip after the Fed indicates more Rate Hikes

Asian equity markets lost ground this morning. Asian traders were digesting the last policy meeting minutes from the U.S. Federal Reserve that showed all policy makers supported the last rate hike and that one more will happen this year and at least two next year.

The Asian benchmark, in Japan, the Nikkei 225, was down this morning. The Nikkei lost 0.37 percent this morning. The broader Topix index, in Tokyo, also fell. Shares lost 0.19 percent.

Japanese economic data, released today, showed that the nation’s exports fell in the month of September. This is the first contraction since 2016. Exports to the United States and China were down. Traders are worried about the growing impact of the China vs U.S. trade war.

In South Korea, the Kospi composite index lost ground. The index lost 0.28 percent. Shares chipmaker SK Hynix lost 1.42 percent. In monetary policy news, the nation’s central bank kept its monetary policy steady.

Other Asian Markets fall lower this Morning

Looking at markets in the Chinese sphere of influence, the Hang Seng index, in Hong Kong, was down this morning. On the mainland in China, the Shanghai composite was down 1.53 percent. The smaller Shenzhen composite shed 1.914 percent.

In Australia, the S&P ASX 200 was down. The index lost 0.14 percent. The financials sub-index lost early gains to trade flat. The energy sub-sector was down 0.85 percent and materials lost 0.52 percent.

In labor data out of the Down Under, employment numbers for the month of September was below analyst expectations.