Stock market today: Asia shares decline as faltering Chinese economy sets off global slide

A currency trader passes by the screens showing the Korea Composite Stock Price Index , top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 16, 2023. Asian shares declined Wednesday amid worries over discouraging data on China, as well as over the future of the U.S. economy.

Clifford Bennett, chief economist at ACY Securities, believes that strong U.S. consumer spending could be momentary and run out of steam. Worries about the knock-on effects for the rest of the global economy are weighing on Wall Street, where stocks have already been retrenching in August. The pullback follows a gangbusters first seven months of the year that critics called overdone.

The Fed has already hiked its key interest rate to the highest level in more than two decades. High rates work by bluntly dragging on the entire economy and hurting prices for investments.

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