Asian stocks fall after Fed minutes

Asia-Pacific stocks fell after Fed minutes showed more rate hikes, with Hong Kong shares down 3%. Asia-Pacific stocks fell after the Fed said in its minutes that the central bank was split on whether to pause interest rate hikes in June and would see more hikes at a slower pace. Officials said the brief pause in the Fed’s tightening cycle would give the committee time to assess the impact of the hikes, the most aggressive since the early 1980s. Hong Kong’s Hang Seng led losses in the region, falling almost 3%, led by declines in basic materials and health care stocks. Meanwhile, in mainland China, the Shanghai Composite Index lost 0.38% and the Shenzhen Component Index lost 0.39%. U.S. Treasury Secretary Janet Yellen began a visit to Beijing this week, where she is expected to meet with top Chinese officials. This comes after China unexpectedly cancelled a visit by EU High Representative for Foreign Affairs Josep Borrell to China on Wednesday. In Japan, the Nikkei 225 fell 1.64% and the Topix fell 1.22% in morning trade on Thursday. In South Korea, the Kospi fell 0.61% and the Kosdaq fell 1.35%. In Australia, the S&P/ASX 200 fell 1.34%.