Asian stocks mostly lower, eyeing Fed, China omicron cases

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares have mostly declined in cautious trading following a retreat on Wall Street. Investors are keeping an eye on rising numbers of coronavirus cases, especially in China. Benchmarks fell Tuesday in Tokyo, Sydney and Shanghai but rose in South Korea and Hong Kong. A third Chinese city has locked down its residents because of a COVID-19 outbreak, raising the number confined to their homes in China to about 20 million people. Such disruptions can have region-wide implications for trade and other activity. Benchmarks fell on Wall Street on Monday following a sell-off last week as investors shifted holdings in anticipation the Federal Reserve will raise interest rates this year, among other moves aimed at lowering inflation.