Asian stocks mixed after Wall Street sinks for third day

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are mixed as traders look ahead to data on U.S. employment costs that might influence Federal Reserve decisions on planned interest rate hikes. Tokyo and Seoul advanced while Shanghai and Hong Kong declined. Wall Street fell for a third day after the U.S. government reported the economy grew by 5.7% last year, its strongest annual rate since 1984. Investors looked ahead to U.S. data on employment costs for indications of when and by how much the Fed might raise interest rates to cool surging inflation. Investors expect at least four rate hikes this year after Fed officials said stimulus that is boosting stock prices would be wound down sooner than previously planned.