by Tyler Durden
Thursday, May 13, 2021 - 07:16 AM
With tech stocks tumbling in the past week amid surging inflation fears, at least the commodity sector appears safe from the global reflationary risk-off wave that swept across markets. But maybe not anymore: overnight Chinese stocks slumped, tracking losses in U.S. shares on much higher-than-expected inflation data there, as the materials sector tumbled after the government called for measures to deal with “overly fast” commodity price rises.
China will monitor changes in overseas and domestic markets and effectively cope with a fast increase in commodity prices, the state-run Xinhua news agency reported, citing a meeting of the State Council, the country’s cabinet, on Wednesday according to Reuters. According to the report, the state will