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(Bloomberg) Asian stocks dropped, with the regional benchmark briefly erasing its gains for the year, as mounting worries over inflation and a resurgence in Covid-19 cases soured investor sentiment.
The MSCI Asia Pacific Index slid as much as 1% and was down 0.9% as of 12:52 p.m. in Tokyo, tracking losses in American shares after data on Wednesday showed U.S. consumer prices climbed in April by the most since 2009. The Asian gauge has now fallen more than 9% from a Feb. 17 peak.
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Seven & i shares soar 7% after news of ValueAct stake build-up - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
Asian Markets Mostly Lower On Inflation Woes
CANBERA (dpa-AFX) - Asian stock markets are mostly lower on Thursday, extending the sharp losses of the previous two sessions, following the broadly negative cues overnight from Wall Street amid concerns about the accelerating pace of inflation following the release of the U.S. consumer prices data for April. Asian markets closed mostly lower on Wednesday.
The US annual inflation rate jumped to the highest in 13 years and well above forecasts, while the monthly gauge rose the most since 2009.
The markets in the region are also weighed down by the accelerating daily coronavirus infection rates caused by highly contagious variants of the virus.
Shares of Seven & i Holdings surged to a two-year high on Thursday after Reuters reported activist investor ValueAct Capital took a stake in the Japanese owner of the 7-Eleven chain, signalling a potential shake-up at the retail giant.
UPDATE 2-Seven & i shares soar 7% after news of ValueAct stake build-up reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.