Asian shares followed Wall Street’s downward trajectory on Wednesday, reflecting concerns about persistently high inflation and the potential for further interest rate hikes by the Federal Reserve. The Nikkei 225 in Tokyo fell 0.4%, while the Hang Seng in Hong Kong lost 1.4%. In Seoul, the Kospi declined 0.3%. On Wall Street, the S&P 500 fell 1.2% to its biggest drop since June. The Dow Jones Industrial Average and the Nasdaq composite also declined. Investors are worried that the Fed could go too far in raising rates and cause a recession. However, some analysts believe the Fed’s aggressive stance on inflation could start moderating economic growth, easing pressure for rate hikes in 2023. The yield on the 10-year Treasury note rose to 3.36% from 3.33% late Tuesday. Oil prices fell, with benchmark U.S. crude losing 70 cents to $86.88 per barrel.
Source: https://abcnews.go.com/US/wireStory/stock-market-today-asian-shares-follow-wall-st-108301481