Asia stocks fall after Fed says more US rate hikes likely
Asian stock markets have sunk after the Federal Reserve added to fears of a possible recession by saying it wasn’t finished raising U.S. interest rates to cool inflation
By JOE McDONALD
Published - Nov 03, 2022, 02:18 AM ET
Last Updated - Jun 23, 2023, 08:56 PM EDT
BEIJING (AP) — Asian stock markets tumbled Thursday after the Federal Reserve added to recession fears by saying it wasn't finished raising U.S. interest rates to cool inflation.
Hong Kong's benchmark lost 2.9%. Shanghai and Sydney also followed Wall Street lower after the Fed on Wednesday raised its key rate to a 15-year high.
Oil prices declined while the euro stayed below 99 cents.
Wall Street's benchmark S&P 500 index plunged 2.5% after the Fed raised its short-term lending rate by 0.75 percentage points, three times its usual margin, for the fourth time this year.
