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ASX dips 0.7pc amid regional sell-off over US inflation fears


ASX dips 0.7pc amid regional sell-off over US inflation fears
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The Australian sharemarket tumbled for a second straight session, extending its fall away from its record high, as concerns over Wednesday’s pending US inflation report prompted a sell-off across regional markets.
The S&P/ASX 200 Index dropped 52.1 points, or 0.7 per cent, to 7044.9, down 1.8 per cent from the record high it hit on Monday.
 
Japan’s TOPIX index dropped 1.3 per cent, Korea’s KOSPI dipped 1.6 per cent and New Zealand’s NZX 50 lost 0.6 per cent.
“Despite the severity of the moves, we sensed limited panic in our client conversations with many using (the) weakness as an opportunity to buy the dip, particularly in the value orientated areas,” JPMorgan analysts said in a note. ....

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