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Asian shares hit one-week lows on renewed virus scare, inflation worry Reuters 3 hrs ago By Swati Pandey © Reuters/Jason Lee FILE PHOTO: An investor looks at an electronic board at a brokerage house in Beijing
By Swati Pandey
SYDNEY (Reuters) - Asian shares slipped to a one-week low on Monday and perceived safe haven assets, including the yen and gold, edged higher amid fears of rising inflation and a surge in coronavirus cases, while oil prices fell on oversupply worries.
MSCI s broadest index of Asia-Pacific shares outside Japan fell 1.1% for a second straight day of losses to 677.45, a level not seen since July 12. The index was on track for its biggest daily percentage drop since July 8.
Asian shares extend losses on renewed virus scare, inflation woes
By Swati Pandey
Reuters
SYDNEY (Reuters) - Asian shares slipped again on Monday while perceived safe haven assets, including the yen and gold, edged higher as investor risk appetite was soured by fears of rising inflation and a relentless surge in coronavirus cases.
MSCI s broadest index of Asia-Pacific shares outside Japan fell 0.4% for its second straight day of losses.
Japan s Nikkei dropped 1.3% as did Australia s benchmark share index. South Korea s KOSPI was 1% lower while New Zealand s shares were off 0.4%.
Global economic growth is beginning to show signs of fatigue while many countries, particularly in Asia, are struggling to curb the highly contagious Delta variant of the coronavirus and have been forced into some form of lockdown. The spectre of elevated inflation, which the market has long feared, is also haunting investors.