Asian stocks extend global slide as inflation fears bite
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Sunday
August 07, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
SUNDAY, AUGUST 07, 2022
Asian stocks extend global slide as inflation fears bite

Global Economy

Reuters
01 October, 2021, 10:35 am
Last modified: 01 October, 2021, 10:39 am

Related News

  • Stocks and bond yields fall on Taiwan tensions
  • Pelosi’s Taiwan trip raises angst in global financial markets
  • Asian stocks slide with oil on recession jitters; dollar drops
  • World stocks eye best month since late 2020, dollar slips
  • DSEX hits 14-month low as panic continues

Asian stocks extend global slide as inflation fears bite

Chinese markets are closed for a week from Friday for the Golden Week holiday

Reuters
01 October, 2021, 10:35 am
Last modified: 01 October, 2021, 10:39 am
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
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

Highlights:

  • Asia-Pac stocks fall 1% after decline on Wall St overnight
  • Concerns about inflation-growth outlook send bonds higher
  • Gold in demand, oil holds near 3-yr high
  • China power shortage, regulatory crackdown has rattled markets

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.

Japan's Nikkei tumbled 1.86%, while the broader Topix slid 1.95%.

Australian stocks slumped 2.05% and South Korea's Kospi lost 1.51%.

An MSCI index of Asia-Pacific stocks dropped 1.07%.

Chinese markets are closed for a week from Friday for the Golden Week holiday.

"You can argue whether it's really stagflation or not, but the whole growth-inflation backdrop seems to have just tilted to a less favourable one," said Rob Carnell, Asia-Pacific head of research at ING in Singapore.

"Whether or not this is actually going to get imbedded and create problems for years to come, we don't need to know right now - it's sufficiently scary that what we're seeing in markets is justified."

US stock futures pointed to a 0.51% decline for the S&P 500, following a 1.19% drop in the index overnight.

Nasdaq futures also signalled a 0.49% retreat, adding to Thursday's 0.43% loss.

The benchmark 10-year Treasury note continued to rally in Tokyo trading, with the yield sliding to the lowest since Sept. 28 at 1.48%.

The dollar index, which measures the currency against six major rivals, was off Thursday's one-year high of 94.504, last changing hands at 94.326.

Federal Reserve Chair Jerome Powell said on Wednesday that resolving "tension" between high inflation and high unemployment is the Fed's most urgent issue, acknowledging a potential conflict between the US central bank's two goals of stable prices and full employment. 

China has proved a particular worry for investors, hit by regulatory curbs in the tech and property sectors, and now grappling with a power shortage that threatens to push up energy prices globally. 

Crude prices continued to ease on Friday after Brent topped $80 a barrel earlier in the week for the first time in three years.

Brent crude futures were largely flat compared to Thursday at $78.32, while US crude futures were also little changed at $75.07.

Gold, an inflation hedge and safe haven, edged back 0.1% to $1,755.35 an ounce, following Thursday's 1.77% surge, the biggest since March.

World+Biz

Global Stock Market / Stock Market / Asian Stock Market / Nasdaq

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Hitting the highway.Photographer: David Paul Morris/Bloomberg
    US drivers are using less gasoline. Let's keep it that way
  • 15 students hurt after police charge baton on protest over fuel price hike
    15 students hurt after police charge baton on protest over fuel price hike
  • File Photo: State Minister for Power, Energy and Mineral Resources Nasrul Hamid
    All factories to remain closed once a week under rationing system

MOST VIEWED

  • Hitting the highway.Photographer: David Paul Morris/Bloomberg
    US drivers are using less gasoline. Let's keep it that way
  • Photo: Reuters/Lucas Jackson
    Wall St Week Ahead: Inflation data may seal fate of unloved US stock rally
  • The first commercial empty grain vessel from Istanbul to Ukraine under the Black Sea Grain Initiative as at anchorage at the inspection area near north west of Istanbul, Turkey, August 5, 2022. The JCC authorized the movement, pending inspection, of M/V Fulmar S, inbound for Chornomorsk as Fulmar S is at the inspection area near north west of Istanbul. UNOCHA/ LEVENT KULU/via REUTERS
    First foreign-flagged ship arrives in Ukraine since February, awaits grain load
  • FILE PHOTO: The Sierra Leone-flagged cargo ship, Razoni carrying Ukrainian grain leaves the port, in Odesa, Ukraine, August 1, 2022, in this screen grab taken from a handout video. Oleksandr Kubrakov/ Ukraine Ministry of Infrastructure/Handout via REUTERS
    Four cargo ships sail from Ukraine- Turkish, Ukrainian officials
  • U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    Kuwait's Agility signs 1.4b euro facility with banks
  • Representational image. Picture: Reuters
    China's export growth gains steam despite weakening global demand

Related News

  • Stocks and bond yields fall on Taiwan tensions
  • Pelosi’s Taiwan trip raises angst in global financial markets
  • Asian stocks slide with oil on recession jitters; dollar drops
  • World stocks eye best month since late 2020, dollar slips
  • DSEX hits 14-month low as panic continues

Features

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

10h | Mode
Infograph: TBS

Why a drastic fuel price hike is dangerous

1d | Panorama
A fuel price hike to fuel agony

A fuel price hike to fuel agony

1d | Panorama
Kamal Uddin Mazumder. Sketch: TBS

Rising foreign debt and balance of payments deficit: Does Bangladesh need to worry?

1d | Thoughts

More Videos from TBS

Is BPC really in loss?

Is BPC really in loss?

1h | Videos
Reasons behind Putin-Erdogan's meeting in Sochi

Reasons behind Putin-Erdogan's meeting in Sochi

5h | Videos
Dr Jamaluddin Ahmed talks about recent fuel price hike

Dr Jamaluddin Ahmed talks about recent fuel price hike

5h | Videos
Temperature rises in Sundarbans, water crisis deepens

Temperature rises in Sundarbans, water crisis deepens

10h | Videos

Most Read

1
Diesel price hiked by Tk34 per litre, Octane by Tk46
Energy

Diesel price hiked by Tk34 per litre, Octane by Tk46

2
July remittance hits two-year high
Economy

July remittance hits two-year high

3
5,400 Bangladeshis get work visas to Romania
Migration

5,400 Bangladeshis get work visas to Romania

4
Housing projects sprouting up by Dhaka-Mawa expressway
Real Estate

Housing projects sprouting up by Dhaka-Mawa expressway

5
How banks made millions from volatile dollar 
Banking

How banks made millions from volatile dollar 

6
Infographic: TBS
Banking

Dollar rate will be left to market after two months: Governor

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net