Asian shares slip as Fed signals ‘downshift’ in economy

Shares have fallen in Asia after further losses on Wall Street following a Federal Reserve report showing U.S. economic activity slowed this summer. The report pointed to resurgent coronavirus cases and mounting supply chain problems and labor shortages. Benchmarks fell in Tokyo, Hong Kong, Shanghai and Sydney. On Wednesday, the S&P 500 index fell 0.1%, the Dow Jones Industrial Average lost 0.2% and the Nasdaq composite gave back 0.6%. Technology stocks had some of the biggest losses. Chipmaker Advanced Micro Devices lost 2%. Less risky investments, including consumer staples and utilities, made broad gains. The yield on the 10-year Treasury note fell to 1.34%. Oil prices rose 1.4%.