Asian stock markets followed Wall Street lower on Friday after higher-than-expected U.S. inflation dashed hopes the Federal Reserve might ease off more...
BEIJING — Asian stock markets followed Wall Street lower on Friday after higher-than-expected U.S. inflation dashed hopes the Federal Reserve might ease off more interest rate hikes.
The Nikkei 225 NIK in Tokyo sank 1.1%. The Hang Seng HSI in Hong Kong retreated 0.5%, while the Shanghai Composite index SHCOMP lost 1%. On Thursday, U.S. government data showed unemployment claims last week declined while August consumer sales rose. That gives ammunition to Federal Reserve officials who say the economy can tolerate more rate hikes.
The market benchmark is down 4.1% for the week following the biggest pullback in two years on Tuesday after the government reported U.S. consumer prices rose 8.3% from a year earlier and 0.1% compared with July.
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