Asian stocks follow Wall St down on rate hike, economy fears
ABC News
Asian stocks have followed Wall Street lower as fears increased that U.S. rate hikes to fight inflation might stall economic growth
BEIJING -- Asian stocks followed Wall Street lower Tuesday as fears increased that U.S. rate increases to fight inflation might stall economic growth.
Market benchmarks in Tokyo, Hong Kong, South Korea and Australia fell. Shanghai advanced. Oil prices fell more than $1 but stayed above $100 per barrel.
Wall Street's benchmark S&P 500 index tumbled 3.2% on Monday, hitting its lowest point in more than a year.
The Federal Reserve is trying to cool inflation that is running at a four-decade high, but investors worry that might trigger a U.S. downturn. That adds to pressure from Russia's war on Ukraine and a Chinese slowdown.
