Asian markets sink on inflationAP, BEIJINGAsian stocks on Friday sank again after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese factory activity weakened. Global export demand is weakening and Russia’s attack on Ukraine has disrupted oil and gas markets. The Shanghai Composite Index lost 0.55 percent to 3,024.39 after surveys of manufacturers showed factory production, new export orders and manufacturing employment declined last month. Sydney’s S&P ASX 200 sank 1.23 percent to 6,474.2, losing 1.53 percent for the week, while India’s SENSEX Index rose 1.8 percent to 57,426.92. Traders worry that will push up already high inflation, forcing the British central bank to cool economic growth by raising interest rates further.

Source: Taipei Times October 01, 2022 23:26 UTC