Asian stocks fall as markets eye Fed, China omicron cases

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares are sinking in cautious trading following a decline on Wall Street amid continuing worries about the omicron coronavirus variant, especially rising cases in China. Benchmarks are lower in Japan, Australia, South Korea and China. Asian markets also have their eyes on the U.S. Federal Reserve, which is expected to tighten interest rates this year. What happens in China is also likely to have regional repercussions. Stocks ended slightly lower on Wall Street. That followed a sell-off last week as investors shifted holdings in anticipation the Fed will raise interest rates, a move aimed at lowering inflation.