Asian stock markets mixed after Fed

The Asia-Pacific region was mixed after the Fed raised interest rates by 25 basis points as widely expected, bringing the federal funds rate range to 5%-5.25%, the widest since August 2007. The Fed said in a statement after the meeting that it may hold off on further rate hikes. It omitted a sentence in a previous statement that said, “The committee anticipates that some additional policy tightening may be appropriate for the Fed to achieve its 2% inflation target.” Meanwhile, stocks fell in mainland Chinese markets after returning from the Labor Day holiday. The Shenzhen Component Index fell 0.8% and the Shanghai Composite Index rose 0.41%, according to data from Caixin China purchasing managers, as China’s factory activity contracted for the first time in three months, with the index at 49.5. Hong Kong’s Hang Seng Index rose 1.07% and the Hang Seng Tech Index rose 0.78%. Australia's S&P/ASX 200 fell 0.16 percent as the country's trade surplus widened to A$15.27 billion in March. South Korea's Kospi fell 0.16 percent while the Kosdaq rose marginally. Japanese markets are closed on Thursday for a holiday.