06/22/2022

Asian Shares Mostly Lower Despite Wall Street Rally

All eyes are on the Fed

Asian shares were mostly lower Wednesday as markets shrugged off a Wall Street rally and awaited congressional testimony by Federal Reserve Chair Jerome Powell.

Japan’s benchmark Nikkei 225 shed 0.2 percent to 26,206.68. Australia’s S&P/ASX 200 lost 0.2 percent to 6,508.40. South Korea’s Kospi lost 1.7 percent to 2,367.78. Hong Kong’s Hang Seng dipped 1.1 percent to 21,329.32, while the Shanghai Composite edged down 0.3 percent to 3,296.22.

Stocks have been mostly sliding in recent weeks as investors adjust to higher interest rates that the Federal Reserve and other central banks are increasingly doling out to temper record-high inflation. Investors are worried that the Fed risks slowing economic growth too much and bringing on a recession.

Please select this link to read the complete article from The Associated Press.