Markets had been looking to US consumer price report in hopes that easing inflation would lower pressure on the Federal Reserve to hike interest rates. US inflation moderated but topped expectations at 8.3%, signaling persistent price pressures. Traders raised bets the Fed will roll out another half-point interest-rate hike in September, following similar increases in June and July
SGX Nifty, Asia slide; inflation stokes investor concerns
Asian stocks fell Thursday after high US inflation bolstered the case for aggressive monetary tightening and sparked a slide on Wall Street.
An Asian share gauge declined amid drops in Hong Kong and Japan and mixed performance in China. US futures stabilized after the S&P 500 hit the lowest since March 2021 and the tech-heavy Nasdaq 100 shed about 3%.
US inflation moderated but topped expectations at 8.3%, signaling persistent price pressures. Traders raised bets the Fed will roll out another half-point interest-rate hike in September -- following similar increases in June and July. Russia’s war in Ukraine and China’s Covid lockdowns are creating shortages and stoking costs.
S&P 500 futures rose 0.6%, Nasdaq 100 futures added 0.8%, and Euro Stoxx 50 futures fell 1.5%.
Japan’s Topix index fell 0.3%, Australia’s S&P/ASX 200 Index lost 0.7%, South Korea’s Kospi index fell 0.1%, Hong Kong’s Hang Seng Index retreated 0.7%, while China’s Shanghai Composite Index rose 0.2%.
Overnight, US stocks ended sharply lower, with the Nasdaq dropping more than 3% and the Dow falling for a fifth straight day after inflation data did little to ease investor worries over the outlook for interest rates and the economy.
The Dow Jones Industrial Average fell 326.63 points, or 1.02%, to 31,834.11, the S&P 500 lost 65.87 points, or 1.65%, to 3,935.18 and the Nasdaq Composite dropped 373.44 points, or 3.18%, to 11,364.24.
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