Global stocks mixed after Wall St sinks on rate fears

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Global stock markets are mixed as traders look ahead to a speech by Federal Reserve Chair Jerome Powell for clues to interest rate plans after Japanese wages rose and Australia’s central bank hiked its key rate again. London and Shanghai gained. Frankfurt, Tokyo and Wall Street futures declined. Oil prices rose. Last week’s unexpectedly strong U.S. data on hiring and wages dampened hopes the Fed might decide it has succeeded in cooling inflation and can wind down plans for more rate hikes. Traders worry the Fed and other central banks might tip the global economy into recession to extinguish inflation that is at multi-decade highs.