(Bloomberg) Most Asian stocks fell Wednesday with U.S. equity futures after a drop on Wall Street amid concern that faster inflation and the surge in commodities could test the economic recovery from the pandemic. Stocks slid in Japan and South Korea but fluctuated in Hong Kong as technology shares rebounded. Covid-19 curbs rattled investors in Taiwan, where the stock index slumped. U.S. contracts slipped after the S&P 500 declined for a second day following a record high Friday. Dip buyers helped the tech-heavy Nasdaq 100 erase a loss of almost 2% to finish little changed. Treasury yields were steady and the dollar rose. Investors are awaiting inflation data and government debt sales in the U.S. events that could spark market volatility. Consumer-price inflation is set to quicken, with the year-on-year comparison amplified by the shock of Covid-19 shutdowns in 2020. Australia’s 10-year bond yield jumped after the government unveiled a big-spending budget to spur the country’s
(Bloomberg) Most Asian stocks fell Wednesday amid concern that faster inflation and the surge in commodities could test the economic recovery from the pandemic. Taiwan’s benchmark posted a record drop of as much as 8.6%, led by steep losses in semiconductors and amid a diplomatic spat with China and further Covid-19 curbs. Stocks fluctuated in Hong Kong and slid in Japan and South Korea, putting the regional gauge on course for its lowest close since January. U.S. contracts slipped after the S&P 500 continued its drop from a record high Friday. Dip buyers helped the tech-heavy Nasdaq 100 erase a loss of almost 2% to finish little changed. Treasury yields were steady and the dollar rose. Investors are awaiting inflation data and government debt sales in the U.S. events that could spark market volatility. Consumer-price inflation is set to quicken, with the year-on-year comparison amplified by the shock of Covid-19 shutdowns in 2020. Australia’s 10-year bond yield jumped after th
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Spot gold retreated 0.5% to $1 828.68 an ounce by 12:17 p.m. in Singapore.
By Ranjeetha Pakiam, Bloomberg
12 May 2021 08:30
Image: Andrey Rudakov/Bloomberg
Gold declined after Federal Reserve policy makers said the US economy is on the road to recovery despite still facing risks, while traders await consumer price data later Wednesday amid jitters over inflation.
The economic situation is improving, but itâs premature to discuss reducing monetary policy support, according to a chorus of Fed officials. âThe outlook is bright, but risks remain, and we are far from our goals,â Governor Lael Brainard told a virtual event Tuesday, adding that itâs important to remain focused on achieving the Fedâs goals for maximum-employment and inflation.
(Bloomberg) U.S. equity-index futures weakened as investors awaited inflation figures to gauge the risk that price pressures will stifle growth in the world’s biggest economy. The tech-heavy Nasdaq 100 underperformed although overall declines were modest. European stocks opened higher, lifted by gains in miners and optimism about economic re-openings. Diageo Plc rose after forecasting earnings growth as sales at the world’s largest distiller recover on consumer demand. The dollar advanced with Treasuries. Debate over whether inflation will be persistent enough to force the Federal Reserve to tighten policy sooner than current guidance suggests comes as abundant stimulus has powered a rally in global equities, raising concerns valuations had become expensive. Consumer-price inflation is set to quicken, with the year-on-year comparison amplified by the shock of Covid-19 shutdowns in 2020. Yet a chorus of Fed officials have stepped in to reassure investors that the U.S. recovery sti