Asian Stocks Fall amid Inflation Worries
Inflation concerns weighed on Asian Stocks Fall as OPEC+ announced cuts to oil output targets, leading to a surge in oil prices. Brent crude climbed over 6% to $85.3 per barrel, further complicating the inflation outlook. In addition, Monday’s economic data showed a slump in U.S. manufacturing activity in March, resulting in new orders plunging and tighter credit conditions. The rate-sensitive sector of the economy, like the auto industry, could decline further due to the credit conditions. Despite early gains, MSCI’s broadest index of Asia -Pacific shares outside Japan slipped by 0.4%. Meanwhile, Japan’s Nikkei stock index rose by 0.3%, and the Australian stock market edged up. China’s blue-chip CSI300 Index remained unchanged, and the Shanghai Composite Index gained 0.22%. Hong Kong’s Hang Seng index fell by 1.1%, led by technology Asian Stocks Fall due to the elevated Sino-U.S. tensions. OPEC+ Surprise The surprise production cuts by OPEC+ could push oil prices towards $100 a ...