In Asian Equity Markets indices were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates for the fourth time in 2018. The mainland Chinese markets were cautious, with both the Shanghai composite and Shenzhen composite slightly lower. Hong Kong’s Hang Seng index fell 0.41 percent to about 25,740.53, with Hong Kong-listed shares of HSBC declining by 0.7 percent. Japan’s Nikkei 225 slipped around 1.17 percent. Softbank continued to remain under pressure on Thursday, falling more than 2 percent.

In Currency Markets the U.S. dollar was steady on Thursday, and was off its overnight lows after the Federal Reserve rowed back from a more aggressive policy tightening path even as it gave markets the impression of being much less cautious than they had anticipated. In a widely anticipated decision, the U.S. central bank hiked interest rates by 25 basis points and forecast fewer rate increases next year than it had at its September policy meeting. The kiwi dollar was steady after losing 1.2 percent overnight, and falling briefly on weak economic data. It was last at $0.6775.

In Commodities Markets oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. The front-month U.S. crude contract had fallen 78 cents, or 1.6 percent, to $47.39 per barrel by 0129 GMT, nearly off-setting gains of 96 cents chalked up on Wednesday. International benchmark Brent crude futures were down 66 cents, or 1.2 percent, at $56.58 per barrel, after climbing almost 2 percent the session before.

In US Equity Markets stocks fell on Wednesday after the Federal Reserve’s forecast of fewer interest-rate increases in 2019 fell short of investors’ hopes of a more dovish monetary policy. The S&P 500 lost 1.20 percent, to 2,515.49 and the Nasdaq Composite fell 1.89 percent, to 6,655.43. All of the S&P 500’s major sectors fell. Shares of FedEx Corp, seen as a bellwether for the U.S. economy, fell 12.2 percent, its biggest one-day drop in 10 years, after the logistics company slashed its 2019 forecast.

In Bond Markets U.S. benchmark Treasury yields fell to more than eight-month lows on Wednesday after the Federal Reserve lowered projections for rate hikes next year and Fed Chair Jerome Powell said that balance sheet reduction is on autopilot. The U.S. central bank raised interest rates and noted that “some” further gradual rate hikes would be needed, a subtle change that suggested it was preparing to stop raising borrowing costs. Benchmark 10-year yields fell as low as 2.75 percent, the lowest since April 4. The yields have fallen from a seven-year high of 3.261 percent on Oct. 9.