Asian equities dropped on Monday, tracking a selloff on Wall Street as last week's rally ran out of steam on fresh worries about rising interest rates.
Asian markets tracked another day of losses on Wall Street as a rally from June's lows runs out of steam.HONG KONG - Asian equities dropped on Monday, tracking a selloff on Wall Street as last week's rally ran out of steam on fresh worries about rising interest rates and surging inflation.
Last week's strong US inflation reading ramped up bets that the Federal Reserve will hike borrowing costs by 75 basis points twice more before the end of the year, stoking concerns the world's top economy will flip into a recession.Hong Kong shed more than one percent and Shanghai was also in the red, with Chinese President Xi Jinping at the weekend reasserting his commitment to the zero-Covid strategy of lockdowns that has hammered the economy this year.
His replacement, Jeremy Hunt, looked set to roll back several of the measures in a bid to reassure markets.
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