Asian stocks slide as US Fed does what was expected
In New York, the S&P 500 lost 1.54% to hit its lowest level since September 2017
Tokyo — Asian shares retreated on Thursday after the US Federal Reserve raised rates, as expected, and kept most of its guidance for additional hikes in 2018, dashing investor hopes for a more dovish policy outlook. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.3%, with Australian shares slipping as much as 0.7% to two-year lows. Japan's Nikkei shed 1.7% to nine-month lows. China's benchmark Shanghai Composite and the blue-chip CSI 300 fell 0.8% and 0.9%, respectively, while Hong Kong's Hang Seng was off 0.7%. In New York, the S&P 500 lost 1.54% to hit its lowest level since September 2017. US stocks are on pace for their biggest December decline since 1931, the depths of the Great Depression. "I think the Fed may be underestimating other factors at play," said Bob Baur, chief global economist at Principal Global Investors in the US. "Trade has been making headlines, but I think a gradual tightening of monetary policy has been the driving force behind recent m...
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