· Asian stocks extend global slide as inflation fears bite
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.
An MSCI index of Asia-Pacific stocks slid 1.33% to its lowest since Aug. 24.
Chinese markets are closed for a week from Friday for the Golden Week holiday.
· Japanese shares slump to 1-month low on supply concerns, U.S. stimulus stalemate
Japanese shares tumbled on Friday to one-month lows on mounting fears various supply chain disruptions worldwide could keep inflation elevated for a much longer period.
Also weighing on investor mood was a delay in a vote on the Biden Administration’s flagship spending bills, as Democratic leaders scrambled to assemble enough support.
The Nikkei average lost 2.31% to 28,771.07 while the broader Topix fell 2.16% to 1,986.31, both marking their biggest drop in three months to reach their lowest levels since early September.
The Nikkei held above major support around 28,600-28,650, where its 50-day, 100-day and 200-day moving averages converge.
For the week, the Nikkei lost 4.89%, the biggest loss since the market crashed after the coronavirus outbreak in early 2020.
· European markets fall sharply, tracking global decline as inflation fears weigh; Stoxx 600 down 1.5%
European markets dropped sharply on Friday, tracking U.S. and Asian counterparts as global stocks start the fourth quarter on the backfoot.
The pan-European Stoxx 600 tumbled 1.5% in early trade, with travel and leisure stocks shedding 2.4% to lead losses as all sectors and major bourses slid into negative territory.
European futures fall 1% as inflation worries sour global mood
· Dow futures drop 300 points after S&P 500 suffered worst month since March 2020
Stock futures fell in early morning trading on Friday after the S&P 500 notched its worst month since March 2020.
Futures on the Dow Jones Industrial Average dropped 300 points. S&P 500 futures and Nasdaq 100 futures both traded in negative territory and pointed to opening losses.
Reference: CNBC, Reuters
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