{"id":140387,"date":"2021-10-01T07:33:10","date_gmt":"2021-10-01T07:33:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=140387"},"modified":"2021-10-01T07:33:10","modified_gmt":"2021-10-01T07:33:10","slug":"asian-stocks-extend-global-slide-as-inflation-fears-bite","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/asian-stocks-extend-global-slide-as-inflation-fears-bite\/","title":{"rendered":"Asian stocks extend global slide as inflation fears bite"},"content":{"rendered":"

TOKYO (Reuters) – Asian equities followed Wall Street sharply lower and bonds rallied on Friday, as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked.<\/p>

FILE PHOTO: A man wearing a protective mask, amid the COVID-19 outbreak, is reflected on an electronic board displaying stock prices outside a brokerage in Tokyo, Japan, September 21, 2021. REUTERS\/Kim Kyung-Hoon<\/figcaption>

Japan\u2019s Nikkei tumbled 2.52% to the lowest level since Sept. 3, while Australian stocks slumped 2.02%, South Korea\u2019s Kospi lost 1.50%, and Taiwan\u2019s benchmark dropped 2.18%.<\/p>\n

An MSCI index of Asia-Pacific stocks slid 1.33% to its lowest since Aug. 24.<\/p>\n

Chinese markets are closed for a week from Friday for the Golden Week holiday.<\/p>\n

\u201cYou can argue whether it\u2019s really stagflation or not, but the whole growth-inflation backdrop seems to have just tilted to a less favorable one,\u201d said Rob Carnell, Asia-Pacific head of research at ING in Singapore.<\/p>\n

\u201cWhether or not this is actually going to get imbedded and create problems for years to come, we don\u2019t need to know right now – it\u2019s sufficiently scary that what we\u2019re seeing in markets is justified.\u201d<\/p>\n

U.S. stock futures pointed to a 0.60% decline for the S&P 500, following a 1.19% drop in the index overnight that punctuated its worst month since March of last year.<\/p>\n

Nasdaq futures also signaled a 0.61% retreat, adding to Thursday\u2019s 0.43% loss.<\/p>\n

MSCI\u2019s gauge of stocks across the globe shed 0.27% on Friday to touch the lowest since July 20.<\/p>\n

Meanwhile, the benchmark 10-year Treasury note continued to rally in Tokyo trading, with the yield sliding to the lowest since Sept. 28 at 1.4754%. It was at a more than four-month peak of 1.567% just three days earlier.<\/p>\n

The dollar index, which measures the currency against six major rivals, was off Thursday\u2019s one-year high of 94.504, last changing hands at 94.286.<\/p>\n

The safe-haven yen bounced off its lowest since February of last year at 112.08 per greenback on Thursday to last trade at 111.21.<\/p>\n

The risk-sensitive Australian dollar slipped 0.26% to $0.72075, edging back toward a one-month low of $0.71705 reached mid-week.<\/p>\n

Federal Reserve Chair Jerome Powell said on Wednesday that resolving \u201ctension\u201d between high inflation and high unemployment is the Fed\u2019s most urgent issue, acknowledging a potential conflict between the U.S. central bank\u2019s two goals of stable prices and full employment.<\/p>\n

A Federal Open Market Committee meeting last week reinforced expectations for asset purchase tapering to start in November, with rate hikes following as soon as next year.<\/p>\n

The latest clues on the Fed\u2019s policy normalisation path come with U.S. personal spending and core consumption deflator data later in the day.<\/p>\n

\u201cRising employment costs and high inflation expectations suggests a sharp fall in inflation in line with the FOMC\u2019s transitory narrative is increasingly unlikely,\u201d strategists at Commonwealth Bank of Australia wrote in a client note.<\/p>\n

China has proved another particular worry for investors: the economy took a hit from regulatory curbs in the tech and property sectors, and is now grappling with a power shortage that threatens to push up energy prices globally.<\/p>\n

However, crude prices continued to ease on Friday after Brent topped $80 a barrel earlier in the week for the first time in three years.<\/p>\n

Brent crude futures slipped 0.22% from Thursday to$78.14, while U.S. crude futures fell 0.25% to $74.83.<\/p>\n

Gold, an inflation hedge and safe haven, edged back 0.3% to $1,751.43 an ounce, following Thursday\u2019s 1.77% surge, the biggest since March.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO (Reuters) – Asian equities followed Wall<\/p>\n","protected":false},"author":3,"featured_media":140386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nAsian stocks extend global slide as inflation fears bite - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/asian-stocks-extend-global-slide-as-inflation-fears-bite\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian stocks extend global slide as inflation fears bite - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"TOKYO (Reuters) – Asian equities followed Wall\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/asian-stocks-extend-global-slide-as-inflation-fears-bite\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-01T07:33:10+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/10\/Asian-stocks-extend-global-slide-as-inflation-fears-bite.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/asian-stocks-extend-global-slide-as-inflation-fears-bite\/\",\"url\":\"https:\/\/precoinnews.com\/business\/asian-stocks-extend-global-slide-as-inflation-fears-bite\/\",\"name\":\"Asian stocks extend global slide as inflation fears bite - 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