Home Economy Asian stocks slump, dollar shines as inflation fears flare

Asian stocks slump, dollar shines as inflation fears flare

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TV camera men wait for the opening of market in front of a large screen showing stock prices at the Tokyo Stock Exchange in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon

  • U.S. CPI rises at fastest pace since 1990, roiling markets
  • Broad-based inflation challenges Fed’s “transitory” narrative
  • Dollar hits 15-1/2-month high on bets for earlier rate hikes
  • Treasury yields jump while breakeven rate soars to record high
  • Australia leads decline in Asia stock markets

TOKYO, Nov 11 (Reuters) – Inflation fears pressured Asian stocks and buoyed the dollar on Thursday after data overnight showed U.S. consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.

Nominal U.S. Treasury yields shot higher, with that on the benchmark 10-year note leaping by the most since February, while real yields, which take inflation into account, dipped to record lows.

Gold jumped to a five-month high and bitcoin hit…

Click here for full article…www.reuters.com