Wednesday, 19 May 2021 02:19 PM MYTSubscribe to ourTOKYO, May 19 — Global stocks slipped and cryptocurrencies sank today as a threat of unwanted inflation had investors shy away from assets seen vulnerable to any removal of monetary stimulus.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3 per cent though Hong Kong and South Korea are closed for holidays.US S&P futures fell 0.3 per cent in Asia a day after Wall Street stocks slid in late Tuesday trade, unable to sustain gains made after bumper earnings from Walmart and Home Depot.
While demand is recovering fast as many developed countries have made progress with Covid-19 vaccination, companies are facing obstacles from shortages of chips, containers, and in the United States workers, too, stoking worries of higher prices. “Inflation remains the biggest theme, whether it is real and whether the Fed may need to change its policy because of that,” said Kazushige Kaida, head of forex sales at State Street Bank’s Tokyo branch. “At the moment, markets are putting faith, after a fashion, in the Fed’s narrative.”
Bitcoin dropped as much as 10.2 per cent to hit its lowest level since early February, bringing its loss from a peak of US$64,895 hit just over a month ago to more than 40 per cent at that point. It last stood 7.5 per cent lower at US$39,645 .
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