Futures pointed to a gloomy start for European and U.S. shares with those of Eurostoxx 50, Germany’s Dax and London’s FTSE all down 0.2% each.
E-mini futures for the S&P 500 stumbled 0.4% while futures for the tech-heavy Nasdaq were down 0.6%.
MSCI’s broadest index of Asia-Pacific shares outside Japan slumped 1.5% to the lowest since March 26, adding to Tuesday’s 1.6% loss with all major indices under heavy selling pressure.
Analysts said a combination of inflation fears and some investors cutting their exposure to over-stretched stocks or sectors was behind the recent downturn.
Australian stocks slipped 0.9% while South Korea’s KOSPI index skidded 1.4%. Japan’s Nikkei reversed early gains to be down 1.5%. China’s blue-chip share index was little changed.
Taiwan’s benchmark index plunged 6% from all-time highs to levels seen in February on fears it may raise its COVID-19 alert level in coming days, which would lead to closure of shops dealing in non-essential items as infections rise.
· SoftBank reports $37 bln Vision Fund profit on Coupang
SoftBank Group Corp on Wednesday reported a 4.027 trillion yen ($36.99 billion) fourth-quarter profit at its Vision Fund unit after booking a gain on investment Coupang , underscoring its recovery a year after a record loss.
· Toyota expects profit rebound, shrugs off pandemic slump and chip shortage
Toyota Motor Corp said on Wednesday it expects operating profit to grow by 14% to 2.50 trillion yen ($23 billion) this year as it shrugs off a coronavirus sales slump and a chip shortage that has hindered other car makers.
· Nissan shares tumble 12% after guidance disappoints
Nissan Motor Co shares slumped as much as 12.2% on Wednesday to their lowest in five months after the Japanese automaker’s weaker-than-expected guidance for the current fiscal year.
· Xiaomi shares jump after report on removal from U.S. blacklist
Shares in Xiaomi Corp (1810.HK) rose as much as 6.71% in Hong Kong afternoon trade on Wednesday, following a report that the telecoms giant would be removed from a U.S. blacklist.
· China's April auto sales rise 8.6%, up for 13th straight month
Vehicle sales in China rose 8.6% in April versus the same month a year earlier, their 13th consecutive month of gains, industry data showed on Wednesday, as the world’s biggest car market leads the sector’s recovery from the COVID-19 pandemic.
· European markets cautiously higher; earnings, U.S. inflation in focus
It was a busy morning of earnings in Europe, with releases from EDF, Allianz, Bayer, Commerzbank, TUI Group and RWE before the bell.
Investors will be keeping an eye on key U.S. inflation data on Wednesday, with many having grown worried that a rapid rise in inflation may force central banks to raise interest rates and implement other tightening measures. U.S. Federal Reserve Chair Jerome Powell has said any uptick in inflation should be transitory, however.
· Commerzbank swings to first-quarter net profit, beating expectations
Commerzbank said on Wednesday it posted a net profit of 133 million euros ($161.2 million) in the three months through March, compared with a loss of 291million euros a year earlier.
· Online sales help supermarket operator Ahold beat expectations
Ahold Delhaize, a major operator of supermarket chains in the United States and Europe, on Wednesday reported better than expected first-quarter sales on the back of a strong performance online.
Reference: CNBC, Reuters
Thai
Eng