Asian shares track Wall Street decline on hot economic data

Shares have fallen in Asia after Wall Street benchmarks closed out their worst week since early December. U.S. futures edged higher while oil prices fell. Reports on inflation, the jobs market and retail spending have come in hotter than expected, leading analysts to raise forecasts for how high the Federal Reserve will have to take interest rates to slow the U.S. economy and cool inflation. Higher rates pressure business activity and investment prices. So far, they do not seem to be slowing growth as much as anticipated. The S&P 500 fell 1.1% Friday to cap its third straight loss.