- As traders anticipated the Federal Reserve's next policy announcement, stocks in Asia were under pressure since higher interest rates were projected to last longer in order to fight inflation.
- All sectors of an Asian equity barometer were trading in the red as it fell for a third day. In Asia on Wednesday, US stock contracts were unchanged after the S&P 500 closed down but off session lows.
- Hong Kong and mainland Chinese stocks fell, with financial equities slipping down -slightly. Following the central bank's decision last week to leave policy rates steady while authorities review the economic impact of current stimulus, Chinese lenders previously held the one- and five-year loan prime rates, the latter of which is a reference for mortgages, unchanged.
- In the meantime, oil prices dropped as global markets remained cautious prior to the Fed meeting. However, the battle against inflation for global central banks gets increasingly challenging as crude approaches a 10-month high.
