Asian stocks and U.S. equity futures slid Tuesday following a technology-led Wall Street tumble as surging commodity prices stoked concern about inflation. Other assets including the dollar and Treasuries were steady.
MSCI Inc.’s Asia-Pacific share index fell the most since March, with tech stocks underperforming. Japan and Hong Kong bore the brunt of the selloff, while China reversed earlier losses. Nasdaq 100 futures retreated as much as 1.4% after the index slid on concerns that inflation could drive up interest rates, weighing on equity valuations. S&P 500 contracts dropped after the gauge fell from an all-time high.
Oil dipped as traders monitored progress on reopening the largest U.S. oil-products pipeline, which was paralyzed by a cyberattack, and is expected to be mostly back online by the weekend. The spotlight remains on whether the latest surge in commodity prices will stoke inflation. Data showed China’s factory-gate prices rose more than expected in April.
A measure of U.S. inflation expectations reached the highest level since 2006. The 10-year Treasury yield held steady after rising to 1.60%. Investors are looking to a string of U.S. government bond auctions this week as possible catalysts for another selloff.
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