Tracking Wall St, Asian stocks end lower
Wall Street declined Monday for a fifth day after the Fed said last week rates might have to stay elevated longer than previously forecast
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Beijing: Asian stock markets extended their losses Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices edged higher.
Markets are sliding after the US Federal Reserve raised its key lending rate last week and the European Central Bank said more rate hikes are ahead. That fuelled investor fears central bankers might be willing to cause a recession to fight inflation that is at multi-decade highs.
Wall Street declined Monday for a fifth day after the Fed said last week rates might have to stay elevated longer than previously forecast.
"The tone in markets reflects a cloudy outlook for the global economy," said Anderson Alves of ActivTrades in a report. The Shanghai Composite Index lost 0.6 per cent to 3,087.32 after the World Bank cut its forecast of China's economic growth this year to 2.7 per cent from its June outlook of 4.3 per cent. The bank cited repeated shutdowns of major cities to fight COVID-19 outbreaks.
