So how about that US Federal Reserve?

For those catching up: treasury yields fell, US equities rose and the dollar dropped following the Fed’s decision to raise short-term interest rates by 25 basis points.

Emerging markets currencies made widespread gains on the greenback – including the usually staid renminbi, the offshore exchange rate for which firmed as much as 0.8 per cent. The price of gold jumped amid the volatility as a rally for crude oil picked up some momentum.

Market expectations for at least four Federal Reserve rate increases this year also dipped to less than one-in-five.

In Asia Pacific equities, Sydney’s S&P/ASX 200 index is up 0.1 per cent in early trading, while futures tip Tokyo’s Topix index to dip 0.3 per cent at the open and in Hong Kong the Hang Seng index is expected to climb 0.2 per cent when trading begins.

Corporate earnings reports out today include Swire Pacific and Swire Properties, Tokyu, Gemdale Properties and Investment, Genting Hong Kong, HK & China Gas, Stella International Holdings and LVGEM China Real Estate Investment.

The economic calendar for Thursday is already exhausted (all times Hong Kong):

  • 08.30: Australia unemployment rate
  • 14.00: Japan machine tool orders (final)
  • 16.30: Hong Kong unemployment rate

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