Asian stocks fall on concern about virus, tighter Fed policy

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets have followed Wall Street lower amid concern about the coronavirus’s latest variant and tighter Federal Reserve policy. Shanghai, Tokyo, Hong Kong and Sydney retreated at the start of a trading week that will be shortened by the Christmas holiday. Wall Street fell Friday as traders took money off the table after the Fed indicated it would fight inflation by speeding up withdrawal of economic stimulus. The spread of the omicron variant has fueled fear that renewed curbs on business and travel might worsen supply chain disruptions and fuel inflation. The U.S. government warned Sunday of a possible surge of “breakthrough infections” due to Americans traveling for the Christmas and New Year holidays.