Asian equity benchmarks are trading down in the early deals on Wednesday as comments from US Federal Reserve Chair Jerome Powell spurred speculation that interest rates may rise faster than expected. In addition, data showing that China's official manufacturing PMI for February hit a 19-month low also soured risk appetite. Meanwhile, Japan’s Nikkei share average dropped snapping a three-day winning streak after US shares weakened overnight, while the central bank’s decision to trim bond buying worsened sentiments. The markets in Taiwan are closed for Peace Memorial Day.
Nikkei 225 dropped 246.49 points or 1.1% to 22,143.37, Hang Seng dipped 525.58 points or 1.68% to 30,743.08, Shanghai Composite slipped 41.92 points or 1.27% to 3,250.15, KOSPI Index contracted 18.44 points or 0.75% to 2,437.70, Jakarta Composite declined 15.46 points or 0.23% to 6,583.47, FTSE Bursa Malaysia KLCI decreased 9.25 points or 0.49% to 1,862.21, and Straits Times down by 4.19 points or 0.12% to 3,536.20.
