Asian stocks slide as Wall Street tips into bear market

June 14, 2022: Asian shares tumbled on Tuesday (June 14) after Wall Street hit a confirmed bear market milestone and bond yields struck a two-decade high on fears aggressive U.S. interest rate hikes would push the world's largest economy into recession.

Australian shares S&P/ASX200.AXJO sank 5% in early trade, while Tokyo’s benchmark Nikkei 225 opened down 431.69 points at 26555.75 while the Japanese yen maintain low against the dollar.

Similarly in Hong Kong, the Hang Seng Index slipped 1.44% and South Korea’s benchmark Korea Composite Stock Price Index (KOSPI) opened down 23.05 points, or 0.92% at 2,481.46 points, as of 0107GMT.

The negative tone in Asia follows a bleak session in the U.S on Monday (June 13), which saw Goldman Sachs forecast a 75 basis point interest rate hike at the Federal Reserve's next policy meeting on Wednesday (June 15).

Reuters