Analysts said a combination of inflation fears and some investors cutting their exposure to over-stretched stocks or sectors was behind the recent downturn. — Reuters picSYDNEY, May 12 — An extended sell-off drove Asian shares to their lowest in seven weeks on Wednesday as surging commodity prices and growing inflationary pressure in the United States prompted markets to bet on earlier rate hikes and higher bond yields globally.
Taiwan’s benchmark index plunged 6 per cent from all-time highs to levels seen in February on fears it may raise its Covid-19 alert level in “coming days”, which would lead to closure of shops dealing in non-essential items as infections rise. The equity rout barely helped drive any safe haven flows into the greenback even as futures pointed to yet another negative open for Wall Street. E-mini futures for the S&P 500 stumbled 0.7 per cent while futures for the tech-heavy Nasdaq were down 0.9 per cent.
All eyes are now on the US consumer price index report to be released by the US Labour Department on Wednesday with market-based measures of inflation expectations having moved higher .
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