Premarket: Global stocks shrug off inflation angst

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Traders’ attention continued to swing between the battle to lower inflation and speculation about currency market intervention in China and Japan

World shares and the U.S. dollar inched higher and gold was at a three-month low on Thursday as traders’ attention continued to swing between the battle to lower inflation and speculation about currency market intervention in China and Japan.

It all tied in with the multitrillion-dollar question economists are struggling with. Where is stubbornly high inflation heading? Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan had fallen 0.5 per cent with holidays in Singapore, India and Malaysia making for thinner trading.

Japan’s yen, meanwhile, touched a more than seven-month low versus the dollar. The U.S. dollar’s surge of more than 11 per cent against the yen since late March has seen it reach 144.71 yen and prompted increased warnings from Japanese government officials this week about the speed of the move. “But they probably don’t want it to fall too rapidly because then it looks a bit like a panic,” he added.

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