Asian stocks rise after Wall St slips closer to bear market

Asian stock markets have advanced after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation rose

BEIJING -- Asian stock markets rose Friday after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation edged higher.

Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices shed more than $1 per barrel.

Wall Street's benchmark S&P 500 index lost 0.6% on Thursday as rising interest rates, Russia's war on Ukraine and a Chinese economic slowdown added to investor unease. The benchmark is down 18.7% from its January high and close to the 20% decline that defines a bear market.

“This is unlikely to be rock bottom, given the tightening of financial conditions ahead,” said Tan Boon Heng of Mizuho Bank in a report. “Reality may again be harsher than expectations.”