Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

11 Mar 2022

Asian Shares Plummet with China Markets Sliding amid Inflation and Ukraine Crisis

The Index Today

Asian shares plunged after U.S. inflation surged to the highest levels in about 40 years. Additionally, Chinese equity markets sank spurred by the U.S. listing of some firms in mainland China.

ING Singapore’s Chief Economist Rob Carnell said, "We've got a terrible macro backdrop (with) a serious inflation problem implying that we're going to see much, much tighter monetary policy." He also contended that the ongoing conflict in Ukraine and Russia is likely to increase prices of commodities including metals, energies, and agrarian goods, especially since another attempt at peace talks on Thursday failed.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped by 2% by mid-afternoon, while Hong Kong’s Hang Seng Index slumped by 3.7% after Chinese stocks took a hit after the U.S. disbarred select Chinese companies. China’s blue chip index edged lower by 2.6% while Japan’s Nikkei and South Korean shares dipped by 2.4% and 1.1% respectively.

As per Reuters, the U.S. CPI data which was released yesterday revealed that inflation figures have surged to a four decade-high of 7.9%, while the ECB’s policy meeting led the central bank to adopt a more hawkish stance.

©Photo: Andy Wong/AP

Clay pottery with table linens