Asian stocks sink on German inflation, British tax cuts
Asian stocks have sunk again after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened
BEIJING (AP) — Asian stocks sank again Friday after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese factory activity weakened.
Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices edged lower.
Wall Street's benchmark S&P 500 index fell 2.1% on Thursday to its lowest level in almost two years after strong U.S. jobs data reinforced expectations the Federal Reserve will stick to plans for more interest rate hikes.
Investors increasingly worry the global economy might tip into recession following interest rate hikes by the Fed and central banks in Europe and Asia to cool inflation that is at multi-decade highs. Global export demand is weakening and Russia's attack on Ukraine has disrupted oil and gas markets.
