• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Asian stocks fall to near 1-year low as oil prices stoke inflation worries

October 5, 2021 by David Barret Leave a Comment

October 5, 2021

By Anshuman Daga

SINGAPORE (Reuters) – Asian shares suffered heavy losses early on Tuesday following a broad sell-off on Wall Street, as markets fretted about the impact of multi-year high oil prices at a time when supply chain disruptions are already putting pressure on economic activity.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped as much as 1.3%, falling for a third consecutive session. Japan stocks were down 2.8%, South Korea gave up 2.5% and Australia shed 1%. “Investors are clearly worried about inflation due to supply chain disruptions and the rally in energy prices,” said Vasu Menon, executive director of investment strategy at OCBC Bank. The drop in markets took MSCI’s main benchmark to 619.87, the lowest since November 2020. It has shed more than 5% this year, with Hong Kong and Japanese markets among the big losers.

“We have seen tech stocks outperform value stocks, so if inflation remains a worry, then tech stocks tend to get hit,” Menon said.

Oil prices reached three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy https://ift.tt/3l8m4sX as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production. [O/R] U.S. oil was steady at $77.60 a barrel, a day after hitting its highest since 2014. Brent crude stood at $81.30 after rising to a three-year top. Market focus in Asia will be on whether embattled property developer China Evergrande https://ift.tt/3BffyGK offers any respite to investors looking for signs of asset disposals. Shares in the company were halted for trading on Monday.

The Dow Jones Industrial Average fell 0.94% to 34,002.92, the S&P 500 lost 1.30% to 4,300.46 and the Nasdaq Composite dropped 2.14% to 14,255.49 as investors dumped Big Tech stocks in the face of rising Treasury yields.

U.S. Treasury yields rose on investor caution about the need to raise the government’s debt ceiling as the United States faces the risk of a historic default in two weeks. In late trading on Wall Street, the U.S. Senate prepared to vote on a bill passed in the House of Representatives that would extend the U.S. debt limit to December 2022, eliminating one deadlock in Congress that has unsettled investors. The U.S. dollar traded near a one-year high versus major peers ahead of key U.S. payrolls data due at the end of the week which might offer clues on the timing of a tapering of Federal Reserve stimulus and the start of interest rate increases. The dollar index, which tracks the greenback versus a basket of six currencies, edged up 0.09% to 93.928. The euro fell 0.13% to $1.1605, while the yen traded was up 0.12% at $111. Gold prices were locked in a tight range and stood at $1,763 per ounce, after rising on Monday to the highest since Sept. 23. [GOL/]

(Reporting by Anshuman Daga; Editing by Himani Sarkar)

Source Link Asian stocks fall to near 1-year low as oil prices stoke inflation worries

David Barret
David Barret

Related posts:

  1. Apple M1X MacBook Pro might drop as early as October
  2. Monte dei Paschi prepares to close 50 branches – letter to unions
  3. Billions blown as Macau casino investors fold amid gambling review
  4. Eminem, Dr. Dre, Snoop Dogg, Kendrick Lamar, Mary J. Blige to perform at Super Bowl

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • In 2011, Slavc The Wolf Journeyed 1,000 Miles To Begin Verona’s First Wolf Pack In 100 Years
  • Anyone Know What These Marine “Y-Larvae” Grow Into? Because Scientists Have No Clue
  • C/2025 A6 (Lemmon) Closest Earth Approach Is Next Month – Will We See It With The Naked Eye?
  • In 2013, A Volcanic Eruption Wiped Out Life On This Remote Island. Then, Somehow, Plants Reemerged
  • 1-Year-Old Orca Takes Out A Big Fat Seal In This Award-Winning – And Extremely Badass – Photo
  • Saturn And Neptune Will Reach Their Brightest In Days – And Look For Saturn’s Temporary Beauty Spot
  • Reindeer Bring A Gift Greater Than Any Of Santa’s – Hope Of A Stable Climate
  • If Deep-Sea Pressure Can Crush A Human Body, How Do Deep-Sea Creatures Not Implode?
  • Meet Ned: The Lonely Lefty Snail Looking For Love
  • “America Will Lead The Next Giant Leap”: NASA Announces New Milestone In Hunt For Exoplanets
  • What Did Neanderthals Sound Like?
  • One Star System Could Soon Dazzle Us Twice With Nova And Supernova Explosions
  • Unethical Experiments: When Scientists Really Should Have Stopped What They Were Doing Immediately
  • The First Humans Were Hunted By Leopards And Weren’t The Apex Predators We Thought They Were
  • Earth’s Passage Through The Galaxy Might Be Written In Its Rocks
  • What Is An Einstein Cross – And Why Is The Latest One Such A Unique Find?
  • If We Found Life On Mars, What Would That Mean For The Fermi Paradox And The Great Filter?
  • The Longest Living Mammals Are Giants That Live Up To 200 Years In The Icy Arctic
  • Entirely New Virus Detected In Bat Urine, And It’s Only The 4th Of Its Kind Ever Isolated
  • The First Ever Full Asteroid History: From Its Doomed Discovery To Collecting Its Meteorites
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version