Asian Stocks Decline as Wall Street Slumps on Rate Hike Worries
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Asian shares mostly declined after Wall Street sank on worries about rising interest rates
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Japan's Nikkei 225 fell 0.8%, Sydney's index slipped 1.3%, South Korea's Kospi dropped 1.3%, Hong Kong's Hang Seng lost 0.6%
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Analysts said Wall Street turbulence could mark the beginning of a more significant market correction
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On Wall Street, the S&P 500 fell 0.7% for its worst day in 4 weeks, the Dow lost 1%, the Nasdaq fell 1%
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Strong US manufacturing data hurt expectations for Fed interest rate cuts; traders now forecast just 2 cuts this year, down from 6 expected earlier