Asian stock markets ended lower on Monday as investors were concerned that the US Federal Reserve (Fed) will continue to raise interest rates. The Nikkei in Tokyo closed at 27,423.96, down 29.52 points, or -0.11%, led by technology stocks that trailed US stocks.
In Australia, the S&P/ASX 200 fell by 82.20 or -1.12%, while the All Ordinaries declined by 93.10 or -1.24%, following the fall in US stocks on Friday. Investors worried that the Fed will continue to raise interest rates after higher-than-expected inflation data.
Similarly, South Korea Composite (KOSPI) ended lower at 2,402.64, down 20.97 points, or -0.87%, as strong consumption fueled concerns that the Fed will continue to aggressively raise interest rates to curb inflation.
In China, the Shanghai Composite closed down at 3,258.03, down 9.13 points, or -0.28%, amid concerns about US-China tensions. Investors are keeping an eye on the National People’s Congress (NPC) and China’s Purchasing Managers’ Index (PMI) this week.
Hong Kong’s Hang Seng closed at 19,943.51, down 66.53 or -0.33%, in line with the mostly negative Asian stocks on the day. Investors were also concerned that the Fed will continue to raise interest rates after the United States revealed higher-than-expected inflation data.
The concern of investors regarding the Fed’s decision to raise interest rates has affected several Asian markets, and the situation remains uncertain in the coming weeks.