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Asia chip stocks tank, dollar strengthens on Fed forecast

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Strong US retail sales suggest the US Federal Reserve is unlikely to ease up in its battle with inflation

Tokyo — Chip stocks took a beating on Thursday, sending most Asian share indexes lower, after grim signals from Micron Technology overnight about excess inventories and sluggish demand.

“Inflation is likely to remain elevated for some time ... because in the US, at least, it’s services that are driving inflation, and that can have greater persistency,” Salim Ramji, global head of ETFs and index investments at BlackRock, told the Reuters Global Markets Forum on Wednesday. Japan’s Nikkei lost 0.4% and South Korea’s Kospi dropped 1.1%, each led by declines in heavyweight chip players.

Investors are also reassessing the US monetary-policy outlook after consumer spending figures contradicted the narrative of the past week or so from cooler consumer and producer price data.

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