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Shares fall after the Fed signals more increases ahead

Pedestrians walk past the Exchange Square complex, which houses the Hong Kong Stock Exchange, in Hong Kong, China, Tuesday, March 23, 2021.

Paul Yeung | Bloomberg via Getty Images

Asia-Pacific shares fell on Thursday after US Federal Reserve Chairman Jerome Powell signaled further hikes ahead after raising interest rates by 75 basis points as expected and calling off discussions about pausing the tightening cycle.

Hong Kong̵[ads1]7;s The Hang Seng Index fell 3.29%, leading to losses in the broader Asia-Pacific trade. Hang Seng Tech fell 4.14 percent. Mainland China Shanghai Composite lost 0.11% and Shenzhen component was down 0.45 percent.

In Australia is S&P/ASX 200 was last down 1.86%. The Kospi fell 0.94% and the Japanese market was closed for a holiday on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2%.

Overnight on Wall Street, the Dow Jones Industrial Average fell 505.44 points, or 1.55%, to 32,147.76, and the S&P 500 fell 2.5% to 3,759.69. The Nasdaq Composite fell 3.36% to 10,524.80.

Indices rose earlier in the session on a line in the Fed statement that said “the committee will take into account the cumulative tightening of monetary policy, lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”

— CNBC’s Patti Domm and Jeff Cox contributed to this report.

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