Asian stocks rebound after Wall St sinks on rate fears

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets have rebounded after Wall Street sank under pressure from worries about higher interest rates and after Japan reported stronger wage gains than expected. Tokyo gained after the government reported wages rose in December at close to their fastest pace in three decades. Shanghai, Hong Kong and Seoul also rose. Oil prices climbed. Wall Street sank for a second day after unexpectedly strong U.S. data on hiring and wages dampened hopes the Federal Reserve might decide it has succeeded in cooling inflation and can wind down plans for more rate hikes. Traders looked ahead to a speech by Fed Chair Jerome Powell in Washington for possible clues about interest rate plans.