Asian shares skid after inflation report thumps Wall Street

Shares have slipped in Asia after benchmarks on Wall Street took their biggest hit in four weeks as investors registered disappointment over an inflation reading that came in hotter than expected. Oil prices and U.S. futures also declined. The S&P 500 fell 1.4% Thursday after inflation at the wholesale level slowed by less than economists had forecast. Treasury yields rose as traders upped their bets for how high the Federal Reserve will raise interest rates to combat inflation. Higher rates hurt the economy and weigh on financial markets. Other data on the economy chipped away at hopes the Fed might wrestle inflation lower without causing a severe recession.