Asian markets tumble amid worries about earnings, Fed rate hike

TOKYO — Asian shares declined Monday after U.S. stocks ended last week on a tumble as global markets’ expectations for higher interest rates continued to set the tone.

Japan’s benchmark Nikkei 225 NIK lost 1.9% in morning trading and South Korea’s Kospi 180721 slipped 1.4%. Hong Kong’s Hang Seng HSI dropped 2.6%, while the Shanghai Composite SHCOMP shed 2.4%. Benchmark indexes in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX declined. Trading was closed in Australia for Anzac Day, a national holiday.

Rising COVID-19 cases in China are setting off worries about more pandemic lockdowns that would crimp economic recoveries in the region. Other nations are also dealing with economic woes related to COVID-19, such as the absence of tourism revenue in Japan, where cases are still going up and down while it gradually opens its borders, but only to business travelers.

The S&P 500 SPX fell 2.8% Friday to 4,271.78, marking its third losing week in a row. The Dow DJIA dropped 2.8% to 33,811.40, its biggest drop in 18 months. The Nasdaq COMP lost 2.6%, closing at 12,839.29. The Dow and Nasdaq also posted losses for the week.

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