Asian stocks follow Wall Street down amid U.S. interest rate fears

Shanghai, Tokyo, Hong Kong and South Korea all declined. Oil fell more than US$2 per barrel amid concern global economic growth might weaken.

Investors see “increasing evidence the Federal Reserve will take a more committed approach” to fighting inflation, said Stephen Innes of SPI Asset Management in a report. The Nikkei 225 in Tokyo shed 0.8% to 26,764.91 and Hong Kong's Hang Seng retreated 2.5% to 21,336.37.India's Sensex opened down 0.6% at 59,090.46. New Zealand and Singapore declined while Indonesia advanced.

Higher interest rates usually depress economic activity and make safer assets such as bonds more attractive while making stocks look riskier and more expensive.

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