Asian equites are on a losing streak tracking overnight losses of Wallstreet amid inflation concern and market sentiment that the Federal Reserves would start to tighten monetary sooner.
Despite healthy corporate earnings season globally, traders worry weigh on fueled inflation backed by bottlenecked supply chain, energy crisis and gigantic amount of M2 money supply.
Inflation numbers are soaring at record highs globally with Wednesday data showing inflation at U.K at decade high with U.S. inflation earlier came in at levels last seen since 1990
But there is a big disconnect between market consensus and policy makers globally muted on such inflation concern.
Traders now eyes on specifics of U.S. Federal Reserve’s tapering end of this month which would support economic progress and equity markets.
Wallstreet indexes closed red overnight and Asian market at midday closing tracking the loss.
After six straight days of gain, Hang Seng index on Wednesday pared gains while Tokyo, Singapore, Seoul, Manila, Jakarta saw sizeable amount of selling until midday.