Asian stocks follow Wall St down on rate hike, economy fears

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stocks have followed Wall Street lower as fears increased that U.S. rate hikes to fight inflation might stall economic growth. Market benchmarks in Tokyo, Hong Kong, Seoul and Sydney fell. Shanghai advanced. Oil prices fell more than $1 but stayed above $100 per barrel. Wall Street’s benchmark S&P 500 index tumbled 3.2% on Monday, hitting its lowest point in more than a year. The Federal Reserve is trying to cool inflation that is running at a four-decade high might trigger an economic downturn. That adds to pressure from Russia’s war on Ukraine and a Chinese slowdown.