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Inflation threat drives down stocks and cryptocurrencies

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As the dollar languished a near-three month low against its rivals, prices of gold held near a four-month peak

London/Tokyo — Global stocks slipped and cryptocurrencies sank on Wednesday as a threat of unwanted inflation had investors shy away from assets seen as vulnerable to any removal of monetary stimulus.

“The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.” US S&P futures fell 0.5% in Europe a day after Wall Street stocks slid in late Tuesday trade, unable to sustain gains made after bumper earnings from Walmart and Home Depot. Any further flare-up could hit assets whose prices have been bolstered by monetary easing, including cryptocurrencies, which rose sharply over the past year and are seen by some as exemplifying an excess created by a “wall of money” from central banks.

 

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