Asian markets skidded lower after Wall Street fell the most since June 2020 as a report showed inflation has kept a surprisingly strong grip on the U.S. economy. The data has traders bracing for the Federal Reserve to aggressively raise interest rates.
Hong Kong’s Hang Seng index lost 2.6% to 18,831.88 and the Shanghai Composite index declined 0.9%, to 3,234.18.
On Tuesday, the Dow lost more than 1,250 points and the S&P 500 sank 4.3%. Tuesday’s hotter-than-expected report on inflation Traders now see a one-in-three chance the Fed will hike the benchmark rate by a full percentage point next week, quadruple the usual move. No one in the futures market was predicting such a hike a day earlier.
Tuesday’s data casts doubt on hopes for such a “soft landing.” Higher rates also hurt prices for stocks, bonds and other investments.
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