Stocks, Equity Futures Drop With Taiwan Tumbling: Markets Wrap

Stocks, Equity Futures Drop With Taiwan Tumbling: Markets Wrap

(Bloomberg) -- Most Asian stocks fell Wednesday amid concern that faster inflation and the surge in commodities could test the economic recovery from the pandemic.

Taiwan’s benchmark posted a record drop of as much as 8.6%, led by steep losses in semiconductors and amid a diplomatic spat with China and further Covid-19 curbs. Stocks fluctuated in Hong Kong and slid in Japan and South Korea, putting the regional gauge on course for its lowest close since January. U.S. contracts slipped after the S&P 500 continued its drop from a record high Friday. Dip buyers helped the tech-heavy Nasdaq 100 erase a loss of almost 2% to finish little changed.

Treasury yields were steady and the dollar rose. Investors are awaiting inflation data and government debt sales in the U.S. -- events that could spark market volatility. Consumer-price inflation is set to quicken, with the year-on-year comparison amplified by the shock of Covid-19 shutdowns in 2020.