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Asian stocks follow Wall St lower as rate hike worries grow

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Asian stocks followed Wall Street lower Friday as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth.

Wall Street's benchmark S&P 500 index plunged 3.6% on Thursday for its biggest one-day loss in two years as optimism that drove the previous day's rally evaporated.

"Clearly, investors had second thoughts about the so-called `dovish hike' from the Fed," Rob Carnell of ING said in a report. The likelihood is "rate hikes coming thick and fast, but little if any prospect of a turn in inflation any time soon." Russia's war on Ukraine, high oil prices and global supply chain disruptions are adding to investor unease.

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