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6/21, 7:45 AM (Source: TeleTrader)
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Asian markets drop on Fed rate outlook

Asian markets traded lower on Monday as traders continued to react to the Federal Reserve's outlook for interest rate hikes. A majority of Fed officials now see two rate hikes in 2023, earlier than previously expected, according to the central bank's update released last week.

Japan's Nikkei 225 tumbled 3.77% at 7:35 am CET while the South Korean Kospi Composite lost 1.08%. Meanwhile, in mainland China, the Shenzhen Composite was flat as the Shanghai Composite was down 0.22%. Hong Kong's Hang Seng lost 1.65% at the time.

In Sydney, the Australian S&P/ASX 200 sank 1.67%. The dollar fell 0.35% against the Japanese yen, going for at 7:40 am CET 109.842.

Breaking the News / JC