Asian stocks follow Wall St down as rate hike worries grow

Shanghai, Hong Kong, Seoul and Sydney decline. Tokyo edged higher as trading resumed after a holiday. Wall Street’s benchmark S&P 500 index plunged 3.6% on Thursday for its biggest one-day loss in two years. Investors worry about whether the Federal Reserve can cool inflation without tipping the slowing U.S. economy into recession. Russia’s war on Ukraine, high oil prices and global supply chain disruptions are adding to investor unease. Energy markets remain volatile as the conflict in Ukraine continues and demand remains high amid tight supplies of oil. European governments are trying to replace energy supplies from Russia and are considering an embargo of Russia’s oil supplies from the European continent. OPEC and allied oil-producing countries decided Thursday to gradually increase the flow of crude . . .