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Asian stocks follow Wall Street ahead of 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 from the U.S. Federal Reserve to cool inflation.

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

Investors worry aggressive action against inflation by the Fed and central banks in Europe and Asia might derail global economic growth. 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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