Asian traders resume selling as another jumbo Fed hike looms

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Asian markets resumed their downward spiral Wednesday after a brief respite the previous day, as traders prepared for what many expect to be a third successive jumbo interest rate hike by the Federal Reserve.

Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up borrowing costs to combat the highest inflation in decades, which has been compounded by the Ukraine war and supply chain snarls. Adding to the dour mood, four regions in Russian-held parts of Ukraine said they will hold weekend referendums on annexation by Moscow — a move that risks escalating the conflict as President Vladimir Putin could claim an attack in those regions was an attack on Russia.—AFP

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