Asian shares down as US inflation revives taper jitters

TheStar Wed, Jul 14, 2021 03:07pm - 2 years View Original


SHANGHAI: Asian shares fell on Wednesday after data showing the biggest jump in U.S. inflation in 13 years fuelled investor expectations that the Federal Reserve could exit pandemic-era stimulus earlier than previously thought.

The U.S. consumer price index jumped 0.9% in June, the Labor Department said on Tuesday. That was above market expectations and the largest gain since June 2008.

Global shares have rallied in recent weeks, sending MSCI's broadest gauge of global stocks to a record high on Tuesday, as investors bet on a global economic recovery that is just weak enough to permit central banks to retain a dovish policy.

Ruffling a complacent market, the Reserve Bank of New Zealand (RBNZ) on Wednesday unexpectedly announced it would end its bond purchase programme from next week, sending the Kiwi dollar sharply higher as markets bet that a rate hike is now imminent.

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