Asian stock markets followed Wall Street lower on Thursday ahead of a U.S. inflation update that will likely influence Federal Reserve plans for more...
BEIJING — Asian stock markets followed Wall Street lower on Thursday ahead of a U.S. inflation update that will likely influence Federal Reserve plans for more interest rate hikes after elections left control of Congress uncertain.
The Hang Seng index HSI in Hong Kong tumbled 1.9% and the Nikkei 225 NIK in Tokyo shed 1%. The Shanghai Composite Index SHCOMP gave up 0.5%. Forecasters expect U.S. government data Thursday to show surging inflation eased in September but stayed near a four-decade high. That might reinforce arguments by some Fed officials that rates have to stay high for an extended period to slow economic activity and extinguish inflation.
On Wall Street, the S&P 500 SPX declined to 3,748.57, erasing most of its gains from a three-day rally leading up to Election Day. The Dow Jones Industrial Average DJIA fell 2% to 32,513.94. The Nasdaq composite COMP tumbled 2.5% to 10,353.17. Also Wednesday, cryptocurrencies fell amid worries about the industry’s financial strength after a big player, Binance, called off a deal to buy troubled rival FTX. That at least temporarily ended hopes for a bailout after FTX users scrambled to pull out their money.
Forecasters expect Thursday’s data to show inflation decelerated to 7.9% in September from the previous month’s 8.3%. However, prices were expected to rise 0.6% compared with August, accelerating from July’s 0.1% increase.
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