blue chip stocks gained more than 900 points. the s&p 500 was up 3%, and the nasdaq rose 3.2%. and we are seeing positive results in the asia-pacific markets as well. you see the hang seng is pretty stable, they re pretty level. the shanghai composite up 0.68%. and the australia s s&p up nearly 1s were there. for more on this, we go to cnn s chrkristie lu stout who joins u from hong kong. markets reacted positively to the rate hike. it looks like a similar market across asia. what you seeing and what are the experts saying? it s really interesting because asian marks are trending higher after the u.s. federal reserve as expected hiked interest rates by half a percentage point. it s a biggest rate increase since the year 2000. the fed also signaled further tightening ahead, all in a bid to rein in in inflation, which is at its highest level since if 1980s.
and security. this latest round of gun boat diplomacy comes after china s own show of force. beijing has flown dozens of warplanes near taiwan in recent weeks. meantime, china s economy grew only 4.9% in the third quarter. its weakest expansion in a year. the country has been able to rebound from pandemic difficulties but seems to be losing steam amid a multitude of problems, including supply chain issues, covid outbreaks, and energy shortages. cnn s chrkristie lu stout joins now live from hong kong with the latest on this. good to see you, christi. so let s look a little closer at what s behind china s rate of expansion in a year and what an impact this will likely have on the region and indeed the world. well, the global economic growth is slowing down. was confirmed last week when the imf released its report. and then, today, we have learned