Stock market today: Asian shares mostly decline after Wall Street drop on rate cut concerns
Asian shares are mostly declining after a Federal Reserve official said the central bank might not deliver any of the cuts to interest rates this year that Wall Street has been counting on
TOKYO (AP) — Asian shares mostly declined Friday after a U.S. Federal Reserve official said the central bank might not deliver any of the interest rate cuts that Wall Street has been banking on this year, citing concerns about inflation.
Japan's benchmark Nikkei 225 dove 2.0% to finish at 38,992.08. Sydney's S&P/ASX 200 slipped 0.6% to 7,773.30. South Korea's Kospi dropped nearly 1.0% to 2,715.35. Hong Kong's Hang Seng was little changed at 16,729.98.
Tensions in the Middle East added to the sense of pessimism. But some analysts suggested the Fed may cut rates at least once later this year.
“Already there are distinct signs of cooling in economic activity and conditions for sustained wage pressures,” said Tan Jing Yi at Mizuho Bank in Singapore.
