Asian Stocks up After US Inflation Fuels Rate Hike Fears | Business News
By JOE McDONALD, AP Business WriterBEIJING (AP) — Asian stock markets rose Thursday after higher U.S. inflation stoked expectations of more rate hikes that investors worry will chill economic growth.Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street futures edged lower. Oil prices advanced.Wall Street's benchmark S&P 500 index lost 0.4% on Wednesday after data showed U.S. consumer inflation accelerated to 9.1% in June over a year earlier from May's 8.6%. That was despite three rate hikes this year by the Federal Reserve.Investors worry aggressive action by the Fed and other central banks to cool inflation that is at four-decade highs might derail global growth.Political Cartoons“Growth fears are hitting the markets harder than inflation concerns,” said Stephen Innes of SPI Ass...