Asia-Pacific markets gave up earlier gains to trade mostly lower Thursday, following the Federal Reserve’s third rate cut of the year.
The Nikkei 225 tumbled 453.98 points, or 0.9%, to 50,148.82.
In Hong Kong, the Hang Seng gave back 10.27 points to 25,530.51.
The U.S central bank reduced the Federal Funds rate by 25 basis points to 3.5%-3.75% and signaled that it was done easing for now.
Fed Chair Jerome Powell said at his post-meeting news conference that the reduction puts the Fed in a comfortable position as far as rates go.
CHINA
The CSI 300 in Shanghai lost 39.64 points, or 0.9%, to 4,552.19.
Shares of ZTE Corp in Shenzhen dropped 10% after Reuters reported that the Chinese telecom equipment maker might need to pay more than $1 billion to the U.S. government to settle allegations of foreign bribery.
In other markets
In Korea, the Kospi fell 24.38 points, or 0.6%, to 4,110.62.
In Singapore, the Straits Times Index recovered 8.93 points, or 0.2%, to 4,520.83.
In Taiwan, the Taiex folded 375.98 points, or 1.3%, to 28,024.75.
In New Zealand, the NZX 50 moved up again 24.81 points, or 0.2%, to 13,395.87.
In Australia, the ASX 200 added 12.69 points, or 0.2%, to 8,592.05.
