Asian stocks follow Wall St lower ahead of US jobs update

Asian stock markets have followed Wall Street lower ahead of an update on United States employment amid worries about possible further interest rate hikes. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices fell. Wall Street’s benchmark S&P 500 index tumbled by its biggest one-day margin this year after Federal Reserve Chair Jerome Powell warned rates might be raised faster to cool stubbornly high inflation. Traders looked ahead to U.S. government hiring data following other indicators that show the job market has stayed strong. Fed officials worry that rising wages might add to upward pressure on prices, which might lead to more rate hikes.