(Bloomberg) — Asian stocks slipped, led by Japan and Korea, as surging commodity prices fueled concerns about global inflation.
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The MSCI Asia Pacific Index lost as much as 1.7% Tuesday in its third day of declines, with technology being the worst-performing sector. Japan’s Nikkei 225, South Korea’s Kospi and Taiwan’s Taiex all extended losses from their recent peaks to 10%, putting them on track for technical corrections.
Concerns about inflation have intensified the rout in Asian equities, with the regional benchmark already down almost 3% this month. It plunged 5.2% in the three months ended September, snapping a five-quarter winning streak. A gauge of commodities soared to an all-time high as a resurgence in demand for raw materials collides with supply constraints.
“The fact is that there is a lot of uncertainty about the strength of the economic rebound, inflation pressures, geopolitics, climate change, etc.,”…