A currency trader passes by a screen showing the Korea Composite Stock Price Index , top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 19, 2023. – Wall Street’s benchmark S&P 500 index lost 0.4% on Friday after the Federal Reserve held its benchmark lending rate steady but warned last week it might be raised later if needed to cool inflation.
The Shanghai Composite Index lost 0.6% to 3,252.26 and the Nikkei 225 in Tokyo tumbled 1.3% to 33,272.68. The Hang Seng in Hong Kong fell 1.5% to 19,740.58.India's Sensex opened down 0.1% to 11,750.75. New Zealand and Southeast Asian markets also declined. Humana dropped 3.9% for one of the S&P 500’s sharpest losses after becoming the latest health insurer to warn about rising costs because of pent-up demand for medical services. Health insurance giant UnitedHealth issued a similar warning earlier.
A survey Friday suggested U.S. consumers are also paring back their expectations for upcoming inflation. The preliminary reading from the University of Michigan survey also suggested consumer sentiment is strengthening more than expected.
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