TOKYO (AP) — Global shares declined Monday after the chairman of the U.S. Federal Reserve indicated high interest rates will continue for some time to curb inflation. The fall in Asian and European markets followed a drop on Wall Street, where the Dow Jones Industrial Average ended the week down more than 1,000 points.
Japan’s benchmark Nikkei 225 dipped 2.7% to finish at 27,878.96. Australia’s S&P/ASX 200 dropped 2.0% to 6,965.50. South Korea’s Kospi slipped 2.2% to 2,426.89. Hong Kong’s Hang Seng slid 0.7% to 20,023.22, while the Shanghai Composite recouped earlier losses and edged up 0.1% to 3,240.73.
Also weighing on regional sentiments are Chinese economic data over the weekend, which seem to indicate a strong recovery will take time. China’s January-July industrial profits sank 1.1% from a year ago amid fresh COVID-19 restrictions. Higher rates help corral inflation, but they also hurt asset prices. Powell acknowledged the increases will hurt U.S. households and businesses, in perhaps an unspoken nod to the potential for a recession. But he also said the pain would be far greater if inflation were allowed to fester and that “we must keep at it until the job is done.”
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