Asian stocks rise after Wall St slips closer to bear market

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are higher after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation rose. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices fell more than $1 per barrel. Wall Street’s benchmark S&P 500 index lost 0.6% as rising interest rates, Russia’s war on Ukraine and a Chinese economic slowdown added to investor unease. The benchmark is down 18.7% from its January high and close to the 20% decline that defines a bear market. The Chinese central bank reduced its rate on a five-year loan in a move that would shore up weak housing sales by cutting mortgage costs.