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Asian stocks follow Wall Street lower ahead of US inflation data

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S&P 500 and Nasdaq fall more than 2% after ECB’s rate hike guidance and fears Fed policy actions may have to turn more hawkish for longer

A statue of a bull is displayed outside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen. File Picture: REUTERS/BOBBY YIP

Tech giants listed in Hong Kong were hit hard, with their subindex opening 2.9% lower. Hong Kong shares of Alibaba fell 3.3% after affiliate Ant Group said it had no plan to initiate an initial public offering. This was a response to media reports that Beijing had approved relaunching the IPO.Market sentiment in China has been soured by renewed restrictions in Beijing and Shanghai as new Covid-19 cases have emerged.

“Global equities came under pressure after the ECB delivered its guidance, and [ECB president Christine] Lagarde noted upside inflation risks,” said analysts at ANZ in a note on Friday. In currency markets, the US dollar retained its broad strength against a basket of major currencies, hovering around its highest level in three weeks. The euro wallowed at a two-and-a-half week low while the yen gained 0.16% against the greenback, pulling away from a 20-year low.

 

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