Asian stocks followed Wall Street lower Tuesday as fears increased that U.S. rate hikes to fight inflation might stall economic growth.
The Shanghai Composite Index CN:SHCOMP gained 0.2% after the Chinese government announced rent cuts and other... BEIJING — The Shanghai Composite Index SHCOMP gained 0.2% after the Chinese government announced rent cuts and other aid for small businesses in a new effort to boost anemic economic growth.
The Federal Reserve is trying to cool inflation that is running at a four-decade high, but investors worry that might trigger a U.S. downturn. That adds to pressure from Russia’s war on Ukraine and a Chinese slowdown. The Dow Jones Industrial Average DJIA fell 2% to 32,245.70. The Nasdaq composite COMP slid 4.3% to 11,623.25 as tech stocks to the brunt of the selling.
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