Asian stocks follow Wall Street lower on economy fears

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Asian stock markets followed Wall Street lower Friday on fears global economic activity will be depressed by interest rate hikes to cool inflation.

Shanghai, Tokyo and Sydney fell while Hong Kong advanced. Oil prices edged lower but stayed above US$115 per barrel.

“Pain is being inflicted almost everywhere and sharing doesn’t make it better in any way,” said Tan Boon Heng of Mizuho Bank in a report. The benchmark gave up its 1.5% gain of the previous day after the Fed announced a rate hike of 0.75 percentage points, three times is usual margin. Chair Jerome Powell said Wednesday the Fed is “not trying to induce a recession now."

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