Shares fell in Asia on Wednesday after Wall Street declined on fears the Federal Reserve will need to keep the brakes on the economy to get inflation under...
Shares fell in Asia on Wednesday after Wall Street declined on fears the Federal Reserve will need to keep the brakes on the economy to get inflation under control, risking a sharp recession. Oil prices were mixed.
Tokyo’s Nikkei 225 index NIK slipped 0.6% and the Kospi 180721 in Seoul gave up 0.2%. Hong Kong’s Hang Seng index HSI gained 0.2% while the Shanghai Composite SHCOMP lost 0.4%. Australia’s S&P/ASX 200 XJO dropped 0.6%. Stocks also fell in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX . On Tuesday, the S&P 500 SPX fell 1.4%, its fourth straight loss, to 3,941.26 and the tech-heavy Nasdaq COMP sank 2%, to 11,014.89. The Dow Jones Industrial Average DJIA lost 1% to 33,596.34.The broader market’s dip comes a day after stocks pulled back as stronger-than-expected readings on the economy raised worries that the Fed has a ways to go in getting inflation under control. The Fed is doing that by intentionally slowing the economy with higher interest rates.
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