TOKYO - Asian stocks sank on Thursday, extending global equity declines after new signs of sustained inflationary pressures in the United States boosted the case for elevated interest rates for longer.
Japan's Nikkei sagged a milder 0.2%, although that put it at risk of snapping an eight-session win streak.Wall Street stocks sold off after U.S. data showed the services sector unexpectedly picked up steam in August, suggesting stubborn inflationary forces. "It all goes back to the discussion of where that magical neutral rate happens to be," he said. "While the markets are still feeling around for where that rate may be, it's going to weigh on equities and support the U.S. dollar."
Elsewhere, the People's Bank of China continued its bid to shore up the yuan by again setting strong official midpoints for the currency.
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Stock market today: Asian shares fall back amid selling of China property sharesShares fell back Tuesday in Asia after U.S. markets were closed for the Labor Day holiday. U.S. futures also were lower and oil prices were mixed. Hong Kong fell more than 1% as Chinese property stocks declined as investors sold to lock in gains fueled by recent efforts to support the ailing industry. China Vanke lost 1.2%, while Country Garden Holdings gave up 2%. Hong Kong-based Sun Hung Kai Properties shed 2.4%. Chinese services data came in weaker than expected, dulling hopes for a rebound i
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Asian Stocks Set for Cautious Open as Oil Climbs: Markets WrapAsian equity futures pointed to a cautious open for stock markets around the region on Wednesday after US shares fell and a rally in oil increased concern about inflation.
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