HONG KONG, May 10 — Asian equities mostly sank today and oil prices tumbled following a rout on Wall Street as anxieties were fanned over rising US interest rates, surging inflation and the impact of China’s prolonged Covid lockdowns.
“This rather precipitous drop in equity markets has been building for several months,” said Clifford Bennett, chief economist at ACY Securities. Stoking global inflationary pressures are lockdowns in dozens of locations across China — from the manufacturing hubs of Shenzhen and Shanghai to the breadbasket province of Jilin — wreaking havoc on supply chains over recent months.
Tokyo today closed down 0.6 per cent, as Japanese traders fretted over US monetary tightening. Slumps seen in Seoul, Wellington, Singapore and Jakarta eased. Bitcoin also slumped to as low as US$29,764 . The digital currency has lost more than half its value since a November surge saw it hit a record of nearly US$69,000.
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Asian stocks tumble on global anxieties over inflation and China lockdowns | Malay MailHONG KONG, May 9 — Asian stocks fell today as investors remained anxious over inflation and the ongoing impact of China’s Covid lockdown policies, despite an initial Wall Street bounce thanks to a solid US jobs report. Global markets have taken a beating over a series of crises including... Debt settlement
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