Asian shares slipped to seven-week lows on Thursday after a shocking rise in U.S. inflation bludgeoned Wall Street and sent bond yields surging on worries the Federal Reserve might have to move early on tightening.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.9%, though trade was thinned by holidays in a number of countries.
· China, Hong Kong stocks fall on soft bank lending, Sino-U.S. tensions
China and Hong Kong stocks fell on Thursday, after the former’s latest bank lending data missed forecasts, and as Sino-U.S. tensions weighed.
The CSI300 index fell 0.8% to 5,003.72 points at the end of the morning session, while the Shanghai Composite Index lost 0.7% to 3,437.14 points.
The Hang Seng index dropped 0.9% to 27,970.78 points, while the Hong Kong China Enterprises Index lost 1.2% to 10,434.23.
· Nikkei slumps to 4-month low as inflation scare hits expensive shares
Japanese shares sank on Thursday, with the Nikkei average hitting a four-month low, as SoftBank Group and expensive stocks were pummelled by U.S. inflation scare.
The Nikkei dropped 2.49% to 27,448.01, hitting its lowest level since early January. Over the past three sessions, the index has lost 7.01%, its biggest three-day fall since the market turmoil in March 2020.
The broader Topix shed 1.54% to 1,849.04, touching a three-month low.
· Kuroda says BOJ ready to buy ETFs 'boldly,' drops no hints on when
Bank of Japan Governor Haruhiko Kuroda said on Thursday the central bank was ready to buy exchange-traded funds (ETF) "boldly" when necessary, but did not offer any hints on whether it would step in to stem the current market rout.
· S.Korea announces bigger tax breaks, loans to bolster local chip industry
South Korea on Thursday announced bigger tax breaks plus 1 trillion won ($883 million) in loans for the local chip industry as it navigates a challenging operating environment amid a global chip shortage.
· European stocks fall as inflation data shock hits global sentiment
European stocks retreated on Thursday as markets around the world were spooked by the latest U.S. inflation data.
The pan-European Stoxx 600 fell 1.1% in earl trade, with basic resources dropping 2.7% to lead losses as all sectors and major bourses slid into the red.
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