Asia stocks decline amid worries over US rate hikes, Russia

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stocks have followed Wall Street lower after a Federal Reserve official’s comments fueled expectations of more aggressive interest U.S. rate hikes and the White House announced more sanctions on Russia. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney retreated. Wall Street’s S&P 500 index tumbled 1.3% after a Fed governor said reining in inflation that is at a four-decade high is of “paramount importance.” The White House said Western governments will ban new investment in Russia following evidence its soldiers deliberately killed civilians in Ukraine. The U.S. Treasury said Moscow will be blocked from paying debts with dollars from American financial institutions, potentially increasing the risk of a default.