HONG KONG, Jan 6 — Tech firms led losses across most markets today following a painful sell-off in New York fuelled by bets that the Federal Reserve will embark on an aggressive campaign against soaring inflation by hiking interest rates several times.
Now officials are ready to act, with the Fed minutes saying: “It may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated.” On Wall Street, the Nasdaq plunged more than three per cent, while the Dow and S&P 500, which both started the week with new records, lost more than one per cent.And Asia tracked the selling. Tokyo led losses, falling almost three per cent, while Sydney was off almost as much. Seoul, Wellington, Bangkok and Mumbai gave up more than one per cent each.In Japan, Sony dived 6.9 per cent and Tokyo Electron more than three per cent, while Kakao Corp fell 5.2 per cent in Seoul.
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