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Asian Stocks Down as Inflation Continue to Persist

Stock MarketsOct 04, 2021 10:02PM ET
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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were down on Tuesday morning, following a sell-off in its global counterparts. Concerns over surging raw material prices like crude oil, increasing inflation, and impacted economic recovery from COVID-19, also continue.

Japan’s Nikkei 225 slid 3% by 9:54 PM ET (1:54 AM GMT) and South Korea’s KOSPI fell 2%.

In Australia, the ASX 200 was down 0.73% ahead of the Reserve Bank of Australia’s policy decision, due later in the day. The Reserve Bank of New Zealand will hand down its decision a day later, with the Reserve Bank of India’s decision following on Friday.

Hong Kong’s Hang Seng Index was down 0.63%.

Chinese markets are shut for a holiday. However, the country’s property sector continues to be on investors’ radars, with Fantasia Holdings Group Co. Ltd. (HK:1777) failing to repay a $205.7 million bond that was due Monday. Fantasia Holdings is the latest developer to face financial woes alongside China Evergrande Group (HK:3333).

Global shares have hit pause on September’s rally, and have dropped more than 5% since then. The U.S. Federal Reserve’s decision to begin asset tapering earlier than usual, a slowdown in the global economic recovery, and China’s regulatory tightening on the property sector have all contributed to this slowdown. The debate also continues in the U.S. on whether to increase the debt ceiling, with President Joe Biden warning that the government is at risk of breaching the legal limit in October.

“We think there is going to be more volatility in these markets. It’s not going to be the same sort of ‘risk-assets-always-go-up-over-time’ story that maybe happened in the rebound from COVID-19,” State Street (NYSE:STT) macro strategist Emily Weis told Bloomberg.

St. Louis Fed President James Bullard also suggested that elevated price pressures could be changing the mentality of businesses and consumers by making them more accustomed to higher inflation. The latest U.S. jobs report, including non-farm payrolls, will be released on Friday.

In cryptocurrencies, Bitcoin traded around the $49,000 mark and was attempting to breach the $50,000 for the first time since El Salvador rolled it out as legal tender in September 2021.

Asian Stocks Down as Inflation Continue to Persist
 

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Comments (5)
Jack Zydron
Jack Zydron Oct 04, 2021 10:48PM ET
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interests rate are going nowhere at this time!!!
William Bailey
William Bailey Oct 04, 2021 10:19PM ET
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Fed is ruining our economy for the sake of 7 percent of the population benefitting from stock . We are being fleeced and should all refuse to pay the debt
Fong SH
Fong SH Oct 04, 2021 10:19PM ET
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Let's see who will get the grand prize for being the "Best ConMan of the Year 2021" lol 2021 has been a tit for tat kinda game for world leaders You bluff, I bluff too
John Healy
John Healy Oct 04, 2021 10:15PM ET
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Inflation?? Nooooooo! I going to love watching the central banks of the world squirm as they scramble to put the inflation genie back in the bottle.
William Bailey
William Bailey Oct 04, 2021 10:15PM ET
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Inflation will cease as soon as the markets all collapse amd the credit inflated assets fall 50-80 percent destroying credit-inflation-effect
John Healy
John Healy Oct 04, 2021 10:15PM ET
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I’ve got some dry powder just waiting for that scenario.
William Bailey
William Bailey Oct 04, 2021 10:07PM ET
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Printing credit …. Japan will dedault on their own people
 
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