Global stocks lower after Wall St steadies amid rate fears

Major global stock markets are mostly lower amid worries about more U.S. interest rate hikes. London, Shanghai and Frankfurt declined. Tokyo advanced. Oil prices were lower. Wall Street futures fell following Federal Reserve chair Jerome Powell’s warning that rate hikes might speed up because upward pressure on prices is stronger than expected. Investors worry the Fed and other central banks look increasingly likely to tip the global economy into at least a brief recession to extinguish stubborn inflation. U.S. inflation edged up in January to 5.4%, well above the Fed’s target of 2%.