Asian stocks slide on Thursday

Asian stocks fell and bond yields spiked on Thursday as inflation concerns rattled markets. While, the yen’s decline below 160 per dollar prompted speculation that Japan may intervene to stabilise its currency.

The MSCI Asia-Pacific index outside Japan declined by 0.5 per cent, with significant losses in some markets.

Micron Technology shares dropped eight per cent in US after-hours of trading in the US as it met, but did not exceed, high revenue expectations. Japan’s Nikkei fell by one per cent.

The dollar strengthened, hitting six-week highs and traded at 160.4 yen.

The New Zealand dollar fell to a six-week low of $0.6069, while the pound sterling dropped to $1.2613. The yen remained weak at 171.57 in Asia and 160.7 against the dollar, prompting concerns about Japanese intervention.

Brent crude futures dropped 0.4 per cent to $84.92 a barrel, marking a three per cent decline for the quarter. Gold prices also fell to $2,297 an ounce as yields increased.

The focus now shifts to key data releases later on Thursday, including US GDP figures and the latest US inflation reading on Friday. These reports will be crucial in shaping expectations for future Federal Reserve policy decisions.

Attribution: Reuters