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AP
  • Updated

Asian shares are mostly lower, as pessimism prevailed about higher interest rates ahead and Wall Street shares fell for the fourth straight week. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar. Rising energy prices are adding to the worries about recessions in some parts of the world. Shares fell on Wall Street coming into a holiday-shortened week. Stocks have been losing ground as the Federal Reserve has indicated it will not let up anytime soon on raising interest rates to bring down the highest inflation in decades. Wall Street also is grappling with worries about an energy crisis in Europe and its implications for the global economy.

AP
  • Updated

Global stock markets are lower after Europe faced a new squeeze on gas supplies. London and Frankfurt opened lower Monday. Tokyo, Hong Kong and South Korea also fell while Shanghai gained. Oil prices rose more than $2 per barrel while the euro edged lower. European markets were roiled by Russian energy giant Gazprom's announcement that a suspension of gas supplies through the Nord Stream 1 pipeline would be extended indefinitely. That adds to shortages in Germany and other economies. Traders also worry U.S. government data that showed wages rose sharply in August might be seen by the Federal Reserve might see that as evidence more interest rate hikes are needed to bring down inflation.