Asian shares mostly decline after Wall Street drop on rate cut concerns Boston 25 News [Video]

TOKYO — (AP) — Asian shares mostly declined Friday after a U.S. Federal Reserve official said the central bank might not deliver any of the interest rate cuts that Wall Street has been banking on this year, citing concerns about inflation.

Japan’s benchmark Nikkei 225 dove 2.4% to 38,812.24. Sydney’s S&P/ASX 200 slipped 0.8% to 7,756.20. South Korea’s Kospi dropped nearly 1.0% to 2,714.84. Hong Kong’s Hang Seng lost 0.8% to 16,594.79.

Tensions in the Middle East added to the sense of pessimism. But some analysts suggested the Fed may cut rates at least once later this year.

“Already there are distinct signs of cooling in economic activity and conditions for sustained wage pressures,” said Tan Jing Yi at Mizuho Bank in Singapore.

On Wall Street, the S&P 500 dropped 1.2% for its worst day in seven weeks. Earlier in the day, a gain of nearly 1% had brought it …