Hang Seng Index retreats in face of rate hike

Shares edged up in Asia on Thursday as investors bet the US Federal Reserve is finally getting the jump on inflation, delivering its first rate hike in more than three years and calming a global bond selloff that had sent long-term yields soaring. In Hong Kong, the benchmark Hang Seng Index opened down 233 points, or 0.94 percent, at 24,480. The tech index fell 44 points, or 1.03 percent, to 4,281 while the China Enterprises Index slipped 79 points, or 0.97 percent, down to 8,127. Up north, the Shanghai Composite Index opened down 14 points, or 0.38 percent, at 3,877. The Shenzhen Component Index was 44 points, or 0.33 percent, lower at 13,409 while the ChiNext Index edged down 14 points, or 0.43 percent, to 3,297. In Tokyo, the Nikkei jumped 720 points, or 1.13 percent, up to 64,643 before giving back most of its gains to be just 64 points higher at one stage before noon. In Seoul, the Kospi, like the Nikkei, was just two points up at one stage before lunch after having opened 61 points, or 0.91 percent, higher at 6,779. The regional market openings came as the US dollar hit a seven-week high against its major peers, underpinned by a jump in...