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Losses on Wall Street rip through Asian financial markets

ABC News
Losses on Wall Street rip through Asian financial markets

A stock market rout that started on Wall Street rolled through Asia on Thursday, driving China's benchmark to a four-year low and sending indexes in Japan, Korea and Australia plunging. Japan's benchmark fell by an unusually wide margin of 3.9 percent and China's main index lost 5.6 percent. Markets across Southeast Asia recorded similar declines. Investors are wary of possible further U.S. interest rate hikes. That will raise the cost of corporate borrowing and could drag on economic growth. The U.S. Federal Reserve recently raised short-term interest rates for the third time this year, with one more expected before the year ends. Strong economic data and a positive outlook from Fed officials