MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.7 per cent by mid-session, its largest drop since late March, and Japan’s Nikkei fell 2.8 per cent. — Reuters picHONG KONG, May 11 — Asian tech stocks tumbled today and a regional equity gauge suffered its biggest slide in nearly two months after a selloff on Wall Street, as traders braced for US inflation data amid worries growing price pressures might bring forward rate rises.
“Markets reversed course overnight as inflation fears drove investors away from growth stocks, notably the tech stocks, to pick cyclicals amid the momentum of the economic recovery,” said Hong Hao, head of research at BoCom International. A test case on US inflation will come this week when the Labour Department releases its latest consumer price index report tomorrow.
Five-year TIPS breakevens hit 2.717 per cent overnight. Benchmark 10-year Treasury yields eased slightly to 1.5914 per cent in Asia trade. Jim McCafferty, head of equity research in Asia at Nomura, said pressure on the tech sector as governments look to curtail big tech’s influence and find cash to foot the bill for stimulus spending was another factor weighing on the market.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street closes lower as inflation fears prompt tech sell-off | Malay MailNEW YORK, May 11 — Wall Street closed lower yesterday as inflation jitters drove investors away from market-leading growth stocks in favour of cyclicals, which stand to benefit most as the economy reopens. Industrial and healthcare shares limited the Dow’s decline but the blue-chip average...
Source: malaymail - 🏆 1. / 86 Read more »
Wall Street drops on inflation jitters, led by tech stocks | Malay MailNEW YORK, May 11 — Wall Street’s main indexes fell today, led by tech-related stocks, as investors feared that rising inflation could push the Federal Reserve to tighten monetary policy faster than expected. The outperformers of 2020, Apple, Amazon.com Inc, Microsoft Corp, Google-parent...
Source: malaymail - 🏆 1. / 86 Read more »
Taiwan stocks plummet on virus restrictions and tech selloff | Malay MailTAIPEI, May 12 — Taiwan’s stock exchange plunged more than eight per cent on Wednesday as investors fretted over fresh coronavirus restrictions and a wider selloff in global tech stocks. The Taiex — one of Asia’s best performers this year — dropped as much as 8.6 per cent in morning...
Source: malaymail - 🏆 1. / 86 Read more »
UK law to give regulator powers to fine tech companies | Malay MailLONDON, May 12 — Britain’s online regulator could be given powers to impose hefty fines on technology companies that fail to remove harmful content, as part of draft legislation unveiled by the government today. The new internet laws outlined in Britain’s Online Safety Bill are aimed at...
Source: malaymail - 🏆 1. / 86 Read more »