Asian stocks fall to near 1-year lows as oil rally fuels inflation fears
- Asian stock markets decline to multi-month lows
- Benchmark index slips for third straight session
- Rising energy prices rattle markets
SINGAPORE, Oct 5 (Reuters) – Asian shares tracked a broad sell-off on Wall Street to weaken for a third straight session on Tuesday, as investors feared oil prices hitting multi-year highs would add to inflationary pressures caused by supply chain disruptions.
U.S. and European stock futures edged up, with S&P 500 e-minis rising 0.01%, the pan-region Euro Stoxx 50 futures gaining 0.2 and FTSE futures gaining 0.4%.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped as much as 1.3%, declining for a third consecutive session. Japan stocks (.N225) were down 2.5%, South Korea (.KS11) gave up 2% and Australia (.AXJO) shed 0.4%.
“Investors are clearly worried about inflation due to supply chain disruptions and the rally in energy prices,” said Vasu Menon, executive director of…
