October 19, 2021

GLOBAL MARKETS-Asian stocks extend global slide as inflation fears bite

* Asia-Pac stocks fall 1% after decline on Wall St overnight

* Concerns about inflation-growth outlook send bonds higher

* Gold in demand, oil holds near 3-yr high

* China power shortage, regulatory crackdown has rattled markets

By Kevin Buckland

TOKYO, Oct 1 (Reuters) – Asian equities followed Wall Street sharply lower and bonds rallied on Friday as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked.

Japan’s Nikkei tumbled 1.86%, while the broader Topix slid 1.95%.

Australian stocks slumped 2.05% and South Korea’s Kospi lost 1.51%.

An MSCI index of Asia-Pacific stocks dropped 1.07%.

Chinese markets are closed for a week from Friday for the Golden Week holiday.

“You can argue whether it’s really stagflation or not, but the whole growth-inflation backdrop seems to have just tilted to a less favorable one,” said Rob Carnell, Asia-Pacific…

Read full article here: finance.yahoo.com