GLOBAL MARKETS-Asian shares hit 1-wk lows on renewed virus scare, inflation worry

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(Adds Chinese shares, updates levels throughout)

* MSCI ex-Japan slips for a second straight day

* Japanese yen edges up against U.S. dollar

* Oil prices fall more than 1% on oversupply fears

* Gold inches up to stay above $1,800 an ounce

By Swati Pandey

SYDNEY, July 19 (Reuters) – Asian shares slipped to a one-week low on Monday and perceived safe haven assets, including the yen and gold, edged higher amid fears of rising inflation and a surge in coronavirus cases, while oil prices fell on oversupply worries.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1% for a second straight day of losses to 677.45, a level not seen since July 12. The index was on track for its biggest daily percentage drop since July 8.

Japan’s Nikkei dropped 1.3% as did Australia’s benchmark share index. South Korea’s KOSPI was 1% lower, while Chinese stocks also started on the backfoot with the blue-chip index down 0.6%.

Oil prices stumbled more than 1% after an…

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