Shares in Asia were broadly lower on Thursday afternoon, as a Fed report points to further rate hikes.
The markets in Greater China were largely negative in the afternoon. The Shanghai Composite fell 1.99 percent, while the Shenzhen Composite fell 1.675 percent. The Hong Kong Hang Seng Index also fell 0.15 percent.
In Japan, the Nikkei 225 dropped 0.49 percent in afternoon trading, while the Topix index fell 0.24 percent. Today, data showed that Japan’s exports fell in September for the first time since 2016, as deliveries to the US and China fell, fueling concerns about the widening impact of an escalating Sino-US trade war.
However, one economist said the decline in exports is likely to be “temporary.”
CNUC said Thursday Kazuo Momma, a senior economist at the Mizuho Research Institute, said natural disasters had caused “a tremendous disruption in the supply chain and some industrial production and transportation in September.”
“I expect a fairly reasonable recovery in October and possibly in November,” he added.
In South Korea, the Kospi fell by 0.63 percent, with the share of chipmaker SK Hynix still declined by about 2 percent. The central bank of the country had previously decided to keep monetary policy stable.
The ASX 200 saw a rebound to be largely flat. The heavily weighted financial indices sub-index rose 0.45 percent higher into positive territory, while the energy sector recovered in part from its previous losses, but still fell 0.48 percent and materials by 0.68 percent.
Employment figures in Australia showed that employment figures for the month of September did not meet the expectations of a Reuters survey. The unemployment rate fell 0.3 percent from the previous month to 5.0 percent.
These employment data “are volatile and may affect the currency in the short term,” it said in a morning ANZ Research Note.