Asian stocks hit 2-year low on rate hike worries

SINGAPORE : Asian shares tumbled to their lowest in nearly two years on Tuesday as investors shed riskier assets on worries about higher interest rates and their impact on economic growth, while the dollar held near 20-year highs.

Across Asia, share indexes were a sea of red. The Nikkei lost 0.9 per cent, Australian shares shed 2.5 per cent and Korean stocks lost 2 per cent. Central banks in the United States, Britain and Australia raised interest rates last week and investors girded for more tightening as policymakers fight soaring inflation.

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