Asia equity markets slide on rate concerns

Insight Online News

Hong Kong, Aug 29 : Shares in Asian stock markets fell after the head of the US central bank said it would continue to raise interest rates to tackle soaring prices.

Jerome Powell warned that the Federal Reserve’s policies will cause “some pain to households and businesses”. Higher interest rates make borrowing more expensive for individuals and companies.

Japan’s Nikkei 225 index was 2.8 per cent lower in Monday morning trade in Tokyo, the BBC reported.

The Kospi in South Korea and Australia’s ASX 200 were both down by more than 2 per cent, while the Hang Seng in Hong Kong was 0.8 per cent lower.

The dips followed main share indexes in New York which each fell by more than 3 per cent on Friday after Powell’s remarks.

UNIINDIA

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