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Asian stocks mixed after Wall Street declines on growth worries

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Asian stock markets were mixed Thursday after Wall Street edged lower amid fears higher interest rates will chill global economic growth.

Shanghai and Hong Kong advanced, while Tokyo and Seoul declined. Oil prices fell more than US$2 per barrel to near $100.

"The market now accepts recession is a risk, having been in total denial," Michael Every of Rabobank said in a report. Central banks in the United Sates and Europe are trying to stop inflation that is running at four-decade highs. The S&P 500 declined to 3,759.89. Stocks in the index were evenly split between gainers and decliners.

Last week, the Fed raised its benchmark rate by three quarters of a percentage point, three times its usual margin and the biggest increase in nearly three decades.

 

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