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19 May 2022

Shares Slide as Investors worry on Global Inflation and Ukraine War

The Index Today

Asian stocks fell on Thursday, tracking a sharp Wall Street selloff, while investors worried about global inflation, China's zero-COVID policy and the Ukraine war.

European equity markets also looked set for another rough day. The pan-region Euro Stoxx 50 futures fell 0.52%, German DAX futures were down 0.63% while FTSE futures were 0.51% lower.

Nasdaq futures eased 0.15%, although S&P500 futures reversed earlier losses to be 0.05% higher.

Reuters reported that the overnight on Wall Street, retail giant Target Corp (NYSE:TGT) warned of a bigger margin hit due to rising costs as it reported its quarterly profit had halved. Its shares plunged 24.88%. The Nasdaq fell almost 5% while the S&P 500 lost 4%.[.N]

Hebe Chen, market analyst at IG said, "The bounce on Tuesday was proven to have been 'too optimistic', thus the self-doubt stemming from the misjudgement only makes traders click the sell button even harder."

MSCI's broadest index of Asia-Pacific shares outside Japan snapped four days of gains and slumped 1.8%, dragged down by a 1.5% loss for Australia's resource-heavy index, a 2.1% drop in Hong Kong stocks and a 0.3% retreat in mainland China's bluechips, according to Reuters.

Japan's Nikkei shed 1.7%.

Tech giants listed in Hong Kong were also reported that was affected particularly hard, with the index falling more than 3%. Tencent sank more than 6% after it reported no revenue growth in the first quarter, its worst performance since going public in 2004.

©Photo: Reuters

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