Asian shares gain; on track for weekly loss on hawkish Fed
Asian share markets reached high grounds on Friday, but the upswing was viewed fleeting as they head towards a week of losses. The dollar also peaked as investors assess the Federal Reserve’s decision of implementing rate hikes in 2023.
After four subdued sessions, MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.01%. Hong Kong’s Hang Seng index rallied 0.53% higher, while South Korea’s KOSPI recorded a 0.16% increase. Chinese blue chips traded turbulently and were last seen 0.1% in the negative territory.
The Fed’s decision heavily supported the dollar, but it then withdrew from high levels to trade 0.04% lower. While the central bank did not emphasize further details about its policy measures, the prospect of rate hikes brought in inflationary concerns as the United States recovers from the coronavirus crisis.