Asian stock markets extended their losses Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation.
Markets are sliding after the U.S. Federal Reserve raised its key lending rate last week and the European Central Bank said more rate hikes are ahead. That fueled investor fears central bankers might be willing to cause a recession to fight inflation that is at multi-decade highs.Markets are sliding after the U.S. Federal Reserve raised its key lending rate last week and the European Central Bank said more rate hikes are ahead.
The Shanghai Composite Index SHCOMP lost 0.6% after the World Bank cut its forecast of China’s economic growth this year to 2.7% from its June outlook of 4.3%. The bank cited repeated shutdowns of major cities to fight COVID-19 outbreaks.The Kospi 180721 in Seoul shed 0.6% and Sydney’s S&P/ASX 200 XJO lost 1.4%. New Zealand NZ50GR and Southeast Asian markets STI FBMKLCI JAKIDX also retreated.
The Fed raised its short-term lending rate last week by one-half percentage in its seventh increase this year.
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