Asian shares declined Wednesday after stocks tumbled on Wall Street as worries persist about higher interest rates and their tightening squeeze on the global...
TOKYO — Asian shares declined Wednesday after stocks tumbled on Wall Street as worries persist about higher interest rates and their tightening squeeze on the global economy.
Tokyo’s benchmark Nikkei 225 NIK dipped 1.3% in morning trading. Australia’s S&P/ASX 200 XJO slipped 0.5% and South Korea’s Kospi 180721 dropped 1.5%. Hong Kong’s Hang Seng HSI gained 0.1%, while the Shanghai Composite SHCOMP shed 0.3%. Benchmark indexes in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX declined.
U.S. employment and consumer spending have weathered higher interest rates well, but a report Tuesday showed sales of previously occupied homes slowed to their slowest pace in more than a decade. The mixed signals leave investors wondering if the Fed will ease back on rate hikes or resume a more aggressive stance.
Rates and stock prices are high enough that strategists at Morgan Stanley say U.S. stocks look to be more expensive than at any time since 2007. Yields have shot higher this month as Wall Street ups its forecasts for how high the Federal Reserve will take short-term interest rates in its efforts to stamp out inflation. The Fed has already pulled its key overnight rate up to a range of 4.50% to 4.75%, up from basically zero at the start of last year.
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