Asian markets fluctuate on inflation fears

Asian investors struggled to extend a global markets rally Wednesday as they continue to fret over the prospect of soaring inflation and a hike in interest rates as the global economy explodes out of the coronavirus crisis.

With Joe Biden’s US$1.9 trillion handout-rich stimulus on the cusp of being passed, focus on trading floors for weeks has been on the impact of an expected spending splurge by the government and pent-up Americans as they emerge from lockdowns with plenty of spare cash.

Asia fluctuated in early trade. Hong Kong, Shanghai and Seoul were slightly higher while Tokyo was barely moved. There were gains in Wellington, Taipei and Jakarta. But Sydney and Singapore fell into the red. (AFP)