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Asian stocks follow Wall Street lower before likely U.S. rate hike

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Asian stock markets followed Wall Street lower Wednesday as traders prepared for a possible sharp interest rate hike by the Federal Reserve to cool inflation.

Shanghai, Hong Kong and South Korea declined. Tokyo and Sydney advanced. Oil prices were little changed, staying below US$100 per barrel.

The Fed is expected to announce a rate hike Wednesday of up to three-quarters of a percentage point, triple its usual margin. That would match a similar increase last month, the U.S. central bank's biggest in 28 years. On Wall Street, the benchmark S&P 500 index fell 1.2% to 3,921.05. The Dow Jones Industrial Average dropped 0.7% to 31,761.54. The Nasdaq composite closed 1.9% lower at 11,562.57.

 

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