HK stocks snap four-day rally; Fed rate decision in focus

** U.S. job openings fell for a third straight month in March and layoffs increased to the highest level in more than two years, suggesting some softening in the labour market ** On Wednesday the Federal Reserve is expected to raise its benchmark overnight interest rate by another 25 basis points to the 5.00%-5.25% range before potentially pausing their tightening cycle.

Hong Kong stocks snapped a four-session rally on Wednesday, as investors remained concerned that a softening U.S. economy and troubles in the country's regional lenders could slow Asia's growth. ** The Hang Seng Index ended 1.18% lower, while the Hang Seng China Enterprises Index fell 1.36%.

** Asian stocks fell for a second straight session, as global investors contended with signs of a softening U.S. economy ahead of a widely expected Federal Reserve interest rate hike later in the day. ** The International Monetary Fund (IMF) raised Asia's economic forecast on Tuesday as China's recovery underpinned growth, but warned of risks from global market volatility driven by Western banking sector woes.

** Overnight, stocks of U.S. regional banks extended losses from Monday after the seizure and auction of First Republic Bank . Banking stocks in Hong Kong also fell. ** U.S. job openings fell for a third straight month in March and layoffs increased to the highest level in more than two years, suggesting some softening in the labour market

** On Wednesday the Federal Reserve is expected to raise its benchmark overnight interest rate by another 25 basis points to the 5.00%-5.25% range before potentially pausing their tightening cycle. ** With China's A share market remaining closed investors have switched their focus on the U.S. market, analysts said.

** HSBC's Hong Kong shares edged up 0.34% after declining earlier, supported by its strong first-quarter results, as it announced an up to $2 billion buyback plan on Tuesday. ** Hang Seng Bank fell 1.18%, while Standard Chartered dipped 1.22%.

** Hong Kong's interbank rates jumped, as traders braced for a U.S. interest rate hike. ** The three-month Hong Kong Interbank Offer Rate (HIBOR) jumped 18.9 basis points to 3.89929%, its sharpest one-day leap in nearly two years.