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Nov. 24, 2021, 11:26 p.m. EST

Asian markets muted after Fed suggests it’s ready to act on inflation

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By Associated Press

BEIJING — Asian stock markets fell Thursday after Federal Reserve officials indicated they were ready to raise interest rates sooner than expected if needed to cool inflation.

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.94% fell 0.1% while the Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.98% in Tokyo gained 0.8%. The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.62% in Hong Kong gained 0.1%.

The Kospi /zigman2/quotes/210598069/delayed KR:180721 -2.28% in Seoul retreated 0.4% and Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -2.42% advanced 0.1%. Stocks slipped in Singapore /zigman2/quotes/210597985/delayed SG:STI -1.20% but gained in Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.75% , while Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -1.54% and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -1.00% were about flat.

Wall Street markets are closed Thursday for the Thanksgiving holiday. They reopen Friday for a shortened trading session.

Fed officials at their October policy meeting said they “would not hesitate” to respond to inflation , according to notes released Wednesday. They foresaw the possibility of raising rates “sooner than participants currently anticipated.”

That fueled investor fears the Fed and other central banks might feel pressure to withdraw economic stimulus that has been boosting stock prices. Fed officials earlier indicated they might raise rates late next year.

Higher prices combined with stronger U.S. hiring suggest the attitude at the next Fed meeting might be “unabashedly more hawkish,” said Tan Boon Heng of Mizuho Bank in a report.

On Wall Street, the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.28% advanced to 4,701.46. Gains in technology, real estate and energy stocks outweighed a slide in banks and materials companies.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.29% slipped less than 0.1% to 35,804.38. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.63% gained 0.4% to 15,845.23.

The Fed notes showed officials still believe this year’s inflation spike is likely to be temporary but acknowledged prices rose more than expected.

The notes covered the October meeting at which Fed board members voted to take the first steps to roll back easy credit and other measures to support an economic recovery from the coronavirus pandemic.

In energy markets, benchmark U.S. crude rose 10 cents to $78.49 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude , used to price international oils, gained 14 cents to $81.19 per barrel in London.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1842% fell to 115.37 yen from 115.48 yen.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,490.95
-33.15 -0.94%
Volume: 13.66B
Jan. 25, 2022 10:26a
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/zigman2/quotes/210597971/delayed
JP : Nikkei
27,041.14
-547.23 -1.98%
Volume: 0.00
Jan. 25, 2022 11:21a
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,258.23
-398.23 -1.62%
Volume: 532,998
Jan. 25, 2022 10:26a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,728.43
-63.57 -2.28%
Volume: 293,641
Jan. 25, 2022 11:21a
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,966.40
-173.10 -2.42%
Volume: 495,586
Jan. 25, 2022 1:21p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,243.91
-39.44 -1.20%
Volume: 0.00
Jan. 25, 2022 10:26a
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,605.56
-49.61 -0.75%
Volume: 0.00
Jan. 25, 2022 9:31a
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
17,711.68
-277.36 -1.54%
Volume: 0.00
Jan. 25, 2022 10:21a
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,506.68
-15.18 -1.00%
Volume: 0.00
Jan. 25, 2022 10:26a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,410.13
+12.19 +0.28%
Volume: 3.89B
Jan. 24, 2022 5:04p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,364.50
+99.13 +0.29%
Volume: 678.12M
Jan. 24, 2022 5:04p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,855.13
+86.21 +0.63%
Volume: 5.82M
Jan. 24, 2022 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
113.7680
-0.2100 -0.1842%
Volume: 0.0000
Jan. 24, 2022 9:41p
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