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Asia markets traded down as the chairman of the U.S. Federal Reserve, Jerome Powell commented on inflation of markets after the decision of the central bank to raise interest rates again came up.

Japan’s Nikkei 225 traded down by 0.55 percent after losing its earlier gains despite the fact that the shipping industry went 0.65 percent up.

The Kospi in South Korea advanced 0.38 percent up while shedding its previous gains. On the other hand, ASX 200 lost 0.11 percent and Commonwealth Bank of Australia also went 0.21 percent lower.

In China, Hang Seng was lower at 0.45 percent even after the debut of China Renaissance, an investment bank. The shares went down to HK $26.85 each share after the offer price of HK $31.80 per share.

The composite index of Shanghai and Shenzhen fell down by 0.39 percent and 0.67 percent respectively.

In the United States, Dow Jones Industrial reached 106.93 points down at 26,385.28 and S&P 500 by 0.3 percent down at 2,905.97 whereas Nasdaq composite also declined in 0.2 percent and reached 7,990.37.

These turndowns came into being after the chairman of Federal Reserve Jerome Powell announced that inflation is not much surprising at all after the third hike in the interest rates this year by 25 basis points.

On discussing issues revolving around the ongoing trade war between the United States and China, he pointed out that it is going to be awful for the economy of the States.

The dollar index against a basket of major currencies reached 94.263 while the Japanese yen was at 112.71 and the Australian dollar was at $0.7258 quite firmed.

In terms of oil markets, the U.S. crude futures and Brent crude futures both advanced by 1.16 percent at $72.40 each barrel and 0.91 percent at $82.80 each barrel, respectively.