· Asian stocks fall to near 1-year lows as oil rally fuels inflation fears
Asian shares tracked a broad sell-off on Wall Street to weaken for a third straight session on Tuesday, as investors feared oil prices hitting multi-year highs would add to inflationary pressures caused by supply chain disruptions.
U.S. and European stock futures edged up, with S&P 500 e-minis rising 0.01%, the pan-region Euro Stoxx 50 futures gaining 0.2 and FTSE futures gaining 0.4%.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped as much as 1.3%, declining for a third consecutive session. Japan stocks (.N225) were down 2.5%, South Korea (.KS11) gave up 2% and Australia (.AXJO) shed 0.4%.
The drop in markets took MSCI's main benchmark to 619.77, the lowest since November 2020 but it pared losses to be down 0.6% in late Asia trade. The index has shed more than 5% this year, with Hong Kong and Japanese markets among the big losers.
Market focus in Asia was on whether embattled property developer China Evergrande(3333.HK) would offer any respite to investors looking for signs of asset disposals.
· European markets edge higher, brushing off Wall Street losses
European stocks inched into positive territory on Tuesday with regional investors brushing off losses on Wall Street on Monday.
The pan-European Stoxx 600 added 0.3% in early trade, with travel and leisure stocks climbing 0.9% to lead gains while autos bucked the upward momentum to slip 0.3%.
The positive start for Europe comes despite concerns over losses in Wall Street in the previous trading session that saw the tech-heavy Nasdaq Composite fall more than 2%.
Reference: CNBC, Reuters
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