Asian stock markets extended their losses Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation. Know more:
BEIJING—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 US 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.
The Shanghai Composite Index lost 0.6 percent to 3,088.80 after the World Bank cut its forecast of China’s economic growth this year to 2.7 percent from its June outlook of 4.3 percent. The bank cited repeated shutdowns of major cities to fight Covid-19 outbreaks. Wall Street’s benchmark S&P 500 index fell 0.9 percent to 3,817.66. The index is down about 20 percent this year with less than two weeks left in 2022.
Facebook’s parent company fell 4.1 percent after the European Union accused the company of breaching antitrust rules by distorting competition in the online classified ads business. Investors were looking ahead to US economic reports this week for an update on the path of inflation. It has declined from its 9.1 percent high in June but still stood at 7.1 percent in November.
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