Nikkei, Topix and Co. Asian stock exchanges plummeting due to global inflation and fear of omicrons

Nikkei, Topix and Co. Asian stock exchanges plummeting due to global inflation and fear of omicrons

Nikkei, Topix and Co. Asian stock exchanges plummeting due to global inflation and fear of omicrons
Investors are holding back given the rapid expansion of Omikron.  Source: AP

Asian exchanges lost some grip on Friday after a series of central bank meetings underscored the growing threat of spike in global inflation. Persistent fears about the effects of the new Omikron variant also clouded the mood. “There is currently a competing dynamic, with lingering inflation fears sparked by the Fed’s tougher rhetoric being offset by fears that Omikron will derail economic growth in the near future,” said Westpac analysts.

On Friday, it will close an eventful week for the most important central banks worldwide. Analysts assume that monetary policy will continue to be very loose, but that the pandemic financing could still be scaled back.

The Nikkei index, which comprises 225 values, was 0.9 percent lower at 28,818 points. The broader Topix index fell 0.7 percent and stood at 1999 points.

The Shanghai stock exchange was 0.6 percent in the red. The index of the most important companies in Shanghai and Shenzen lost 0.9 percent.

In Asian foreign exchange trading, the dollar lost 0.1 percent to 113.59 yen and stagnated at 6.3683 yuan. In relation to the Swiss currency, it was quoted hardly changed at 0.9194 francs. At the same time, the euro fell 0.1 percent to $ 1.1322 and was barely changed at 1.0412 francs. The pound sterling gained 0.1 percent to $ 1.3329.