Asian stocks sink after US jobs data fan rate hike fears

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are lower after strong U.S. jobs data fanned fears of more interest rate hikes to cool inflation. Shanghai, Hong Kong and Seoul retreated. Tokyo gained. Oil prices rose. Wall Street wilted after government data showed U.S. employers hired twice as many people in January as the previous month. That was good news for workers but dampened hopes the Federal Reserve might decide no more rate increases are needed to slow economic activity. Traders worry central bankers might be willing to tip the global economy into recession to stop inflation that is near multi-decade highs.