Emerging market stocks hit an over three month low on Thursday as risk sentiment waned after the US Federal Reserve stiffened its hawkish monetary policy stance, while investors awaited interest rate decisions from Turkey and South Africa. After the Fed left rates unchanged as widely expected, markets focused on the possibility of borrowing costs staying significantly tighter through 2024 than previously expected after the central bank’s updated quarterly projections.
’s gauge for emerging market equities slid 1.3% to its lowest since early June, while currencies slid 0.3% by 8:48 GMT against a steady dollar. China’s blue-chip CSI 300 Index index hit an over ten-month low while Hong Kong’s Hang Seng Index dropped 1.3%. A slew of regional monetary policy decisions will also grab focus later on Thursday, with Turkey expected to deliver a 500 basis point hike at 1100 GMT, taking the benchmark weekly repo rate to 30%, according to a Reuters poll. The lira was flat at 27.
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