Asian shares slide after Wall Street frets over rate hike consequences

Published by
Reuters UK

By Alun John HONG KONG (Reuters) – Asian shares tumbled on Friday while the U.S. dollar and Treasury yields rose in a reversal of a day earlier after investors expressed concerns that rising interest rates could hurt global economic growth. The market fears that the U.S. Federal Reserve and some other major central banks will have to raise interest rates even more aggressively than planned to combat red-hot inflation, potentially pushing economies into a recession. U.S. payroll data due later on Friday will help the market gauge how hot the economy is running. MSCI’s broadest index of Asia-Pac…

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