Asian markets follow Wall St down as oil surge fans inflation fearsA pedestrian wearing a face mask walks past an electronic board displaying closing numbers of share prices of Tokyo EStock Exchange in Tokyo on November 9, 2020, as Asian markets react to results of the US presidential election. HONG KONG, China — Most Asian markets fell Tuesday following a Wall Street slump as soaring oil prices put further upward pressure on inflation while a standoff in Washington over raising the country's borrowing limit fuelled fears of a catastrophic US debt default. And some analysts are warning of a period of stagflation, in which prices surge while economic growth stalls. All three main indexes on Wall Street ended deep in the red, led by the Nasdaq, as tech firms took a beating owing to their susceptibility to higher interest rates. And Emily Weis at State Street told Bloomberg Television: "We think there is going to be more volatility in these markets.

Source: Philippine Star October 05, 2021 03:42 UTC