On Thursday, stock prices across Asia mirrored the downward trend seen on Wall Street, prompted by persistent concerns over elevated inflation levels in the United States. Investor sentiment soured amid reduced optimism regarding potential interest rate cuts by the Federal Reserve later in the year. Consequently, the U.S. dollar surged to a 34-year high against the Japanese yen, as reported by Reuters.
In the Asian markets, the broader MSCI index tracking Asia-Pacific shares outside Japan experienced a slight decline, although earlier losses were mitigated. Japan’s Nikkei index also registered a dip.
Despite data indicating a slow growth in consumer prices in China for March compared to the previous year, Chinese stocks managed to eke out slight gains. Notably, resource stocks saw notable increases. However, Hong Kong’s Hang Seng index ended the day lower, contrasting with the modest gains observed in Chinese stocks.
