Asia stocks mixed after Wall St gain, Powell warns on rates

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are mixed after Wall Street rose and the Federal Reserve’s chairman said it will raise interest rates further if needed to cool inflation. Shanghai and Hong Kong declined. Tokyo and Seoul advanced. Oil prices rose to stay above $110 per barrel. Wall Street’s benchmark S&P 500 index rose by an unusually wide daily margin of 2% after positive U.S. retail sales data helped to offset concern about inflation. Fed chair Jerome Powell said the U.S. central bank will “have to consider moving more aggressively” if inflation that is at a four-decade high fails to ease.