Asian shares decline following Wall Street tumble

Asian shares have fallen after stocks tumbled on Wall Street as worries persist about higher interest rates and their tightening squeeze on the global economy. Higher rates hurt investment prices and raise the risk of a recession by slowing business investment and consumer spending. Worries about the Chinese economy are also weighing on sentiment. On Tuesday, the S&P 500 fell 2% for its sharpest drop since the market was selling off in December. The Dow lost 2.1% and the Nasdaq composite sank 2.5%. U.S. employment and consumer spending have weathered higher interest rates well, but a report Tuesday showed sales of previously occupied homes slowed to their slowest pace in more than a decade.