Asian stock markets were mostly higher Thursday after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it wasn't sure what may come next.
A currency trader works near the screens showing the Korea Composite Stock Price Index , top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 4, 2023. Markets: Asian stock markets were mixed Thursday after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it isn't sure what may come next.
“The key takeaway, in my view, is that we are likely at or very near the end of the rate hike cycle,” Kristina Hooper of Invesco said in a report. The Kospi in Seoul lost less than 0.1% to 2,500.94 and Sydney's S&P-ASX 200 fell less than 0.1% to 7,193.10.Traders expect a U.S. recession this year as the Fed and other central banks in Europe and Asia try to extinguish inflation that was near multi-decade highs.
Traders worry industry turmoil might prompt banks to reduce lending, worsening downward pressure on economic activity. Powell mentioned a survey that is yet to be released and will show how much loan officers at banks say they are tightening lending standards. The banks are also exposed to low-interest loans that are now worth less on the open market due to the fact they were underwritten when interest rates were substantially lower.
Advanced Micro Devices fell 9.2% despite reporting stronger profit and revenue than expected. It gave a forecast for revenue in the current quarter that fell short of some analysts’ expectations.
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