Asian shares have followed Wall Street and Europe lower, with markets jittery over the risk that the Federal Reserve and other central banks may end up bringing on recessions to get inflation under control. Oil prices and U.S. futures edged higher. On Thursday, the U.S. government reported that the number of Americans applying for unemployment benefits fell last week, a sign that the labor market remains strong. Another report showed retail sales fell in November. The S&P 500 fell 2.5%, erasing its gains from early in the week. The tech-heavy Nasdaq composite lost 3.2% and the Dow gave back 2.2%. The Fed has indicated interest rates must go higher than previously expected to tame inflation.
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