Asian Shares Slide On Inflation Worries
CANBERA (dpa-AFX) - Asian stocks succumbed to selling pressure on Tuesday amid tech sell-off and growing concerns over inflation. As the economy heats up, it is feared that the Federal Reserve may tighten its monetary policy sooner than expected.
Chinese shares reversed early losses to close higher, with the benchmark Shanghai Composite edging up 13.85 points, or 0.40 percent, to 3,441.85. Hong Kong's Hang Seng index fell 581.85 points, or 2.03 percent, to 28,013.81.
China's consumer price inflation rose moderately at a slower-than-expected pace in April, while producer prices grew at the fastest pace in more than three years driven by higher commodity prices, official data showed today.