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Asian markets decline ahead of what traders hope will be final Fed rate hike

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Asian stock markets retreated Wednesday after Wall Street hit a 15-month high ahead of a Federal Reserve meeting that traders hope will end with the final increase in this interest rate cycle. | AP

“This could be the last rate hike for the Fed” as inflation pressures ease, said Brad Bernstein of UBS Wealth Management in a report. Bernstein said central banks in Europe and Japan also are “near their pivot points” on their own rate hike cycles.

The Hang Seng in Hong Kong sank 0.6 percent to 19,311.50, giving up part of Tuesday’s 4.1 percent surge following the Chinese announcement. The Shanghai Composite Index declined 0.2 percent to 3,225.75. It rose 2.1 percent the previous session. The Dow Jones Industrial Average gained 0.1 percent to 35,438.07. The Nasdaq composite climbed 0.6 percent to 14,144.56.

 

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