New Zealand delivers its biggest rate hike ever

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Shares in the Asia-Pacific are mixed Wednesday after U.S. stocks rose overnight and New Zealand’s central bank delivered a 75 basis point hike, the biggest rate hike ever in the central bank’s history.

The NZX 50 index in New Zealand fell 0.82%. The S&P/ASX 200 was up 0.66% despite the Reserve Bank of Australia governor Philip Lowe on Tuesday hinting at more rate hikes ahead.

South Korea’s Kospi rose 0.37%, while the Kosdaq climbed 1.29%. Japanese markets are closed for a public holiday.

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