HONG KONG, May 11 — Asian stocks were mixed today, following a volatile day on Wall Street with investors concerned about surging inflation and see-sawing crude prices.
Global investors were spooked by China’s sinking April exports — the lowest in almost two years — as well as data showing its consumer inflation had risen at the quickest pace in nearly half a year.“Equity investors are positioning for a recession; that pressure will remain acute until they see calming in rate volatility,” said Stephen Innes of SPI Asset Management.
Millions across China — particularly in its economic engine Shanghai — have been under lockdown for weeks, while Covid restrictions have also crept up in the capital Beijing. The strict policy has shut down work at ports and factories while inciting rare outrage from many Chinese people forced to stay at home with no end in sight.
“That has given US equity futures a leg up today,” Jeffrey Halley, senior market analyst at OANDA, said in a note on Wednesday. Crude continued to go on a ride, with WTI rebounding over the US$100 dollar a barrel mark on Wednesday.
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