Asian stock markets were mixed Tuesday after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown.
Wall Street’s benchmark S&P 500 index declined for another day after a Federal Reserve official rattled investors last week by saying already-elevated interest rates might have to go higher than expected to stop surging inflation.Wall Street’s benchmark S&P 500 index declined for another day after a Federal Reserve official rattled investors last week by saying already-elevated interest rates might have to go higher than expected to stop surging inflation.
The Nikkei 225 NIK in Tokyo rose 0.7%. The Hang Seng HSI in Hong Kong sank 0.4% while the Shanghai Composite Index gained 0.8%. Concerns about China’s economic activity rose after the major cities of Guangdong and Shijiazhuang ordered millions of residents to stay home and other cities including the capital, Beijing, closed stores and tightened restrictions on travel and other activity.
Bond yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.82% from 3.83% late Friday.On Wednesday, the Fed is due to release minutes from its latest meeting, which might give investors more insight into plans to fight inflation that is near a four-decade high.
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