Asian Markets Soar as Fed Raises Rates to 22-Year High

Asia-Pacific markets mostly rose after the U.S. Federal Reserve raised interest rates to their highest level in over 22 years, while leaving room for further tightening. Japan's Nikkei 225 and South Korea's Kospi both closed higher, while Australia's S&P/ASX 200 also ended in positive territory. Hong Kong's Hang Seng index traded higher, but mainland China's Shanghai Composite edged lower. China's industrial profits continued to decline, recording a year-to-date fall of 16.8%. Shares of Chinese EV maker Xpeng surged after Volkswagen announced a partnership to develop two new electric vehicles for China. HSBC predicts that global oil demand will peak later this decade and then decline due to the shift towards electric vehicles. Samsung Electronics reported a 95% plunge in quarterly profit but expects global demand to recover in the second half of the year. Goldman Sachs highlights the challenge of finding reasonably valued growth stocks. Hong Kong's central bank raised interest rates in line with the Fed, and the Dow Jones Industrial Average closed higher, achieving its best winning streak since 1987.