Asian markets follow Wall St lower amid gloomy outlook

1 month ago WNYT.com

BEIJING (AP) — 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. Wall Street declined Monday for a fifth day after the Fed said last week rates might have to stay elevated longer than previously forecast. “The tone in markets reflects a cloudy outlook for the global economy,” said Anderson Alves of ActivTrades in a report. The Fed raised its short-term lending rate last week by one-half percentage in its seventh increase this year.
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