Asian stocks open lower with stronger Fed rate hike possibility


Nov 10, 2015 (LBO) – Asian stocks opened lower after global stocks fell on Monday on increased chances of a Fed rate hike this year.

Probability that the Fed will hike interest rates this year have increased to 68 percent, from 50 percent a week ago and 39 percent last month, according to market data.

China’s CSI 300 was down 0.49 percent, Hang Seng dropped 1.39 percent and the Nikkei was down 0.76 percent following US and European markets which dropped on Monday. NASDAQ closed down 1.01 percent and S&P fell 0.98 percent.

China’s October exports fell for a fourth month, while imports were lower indicating a slow down in the 11.2 trillion dollar economy. Stronger than expected U.S. jobs data on Friday also suggested there is a greater chance of a rate hike this year.

The dollar is near its highest level in a decade while emerging-market currencies fell to a five-week low.