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Asian shares slip on Fed hike, trade fears and soft China data

reuters.com
Asian shares slip on Fed hike, trade fears and soft China data

Asian shares eased on Thursday after the Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening, while concerns about U.S.-China trade frictions kept investors on edge. Chinese retail sales and urban investment data were surprisingly weak, pouring cold water on investors’ risk appetite and adding to uncertainty over the world’s second-largest economy after its central bank unexpectedly left interest rates on hold. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 0.5 percent. The Fed raised its benchmark overnight lending rate a quarter of a percentage point to a range of 1.75 percent to 2 percent, as expected, on the back of strong U.S. economic growth.