Asian markets follow Wall Street lower ahead of likely Fed rate hike

Tokyo’s Nikkei 225 JP:NIK advanced 0.1%. The Shanghai Composite Index CN:SHCOMP lost 0.1% while the Hang Seng HK:HSI in Hong Kong sank 1.5%.Tokyo’s Nikkei 225 NIK advanced 0.1%. The Shanghai Composite Index SHCOMP lost 0.1% while the Hang Seng HSI in Hong Kong sank 1.5%.

Wall Street tumbled Tuesday after Walmart WMT warned inflation that has spiked to a four-decade high of 9.1% is hurting American consumer spending. Investors worry aggressive action against inflation by the Fed and central banks in Europe and Asia might derail global economic growth. On Wall Street, the benchmark S&P 500 index SPX fell 1.2% to 3,921.05. The Dow Jones Industrial Average DJIA dropped 0.7% to 31,761.54. The Nasdaq composite COMP closed 1.9% lower at 11,562.57.

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