Asian markets mostly fell Monday following a soft lead from Wall Street, hit by profit-taking and lingering inflation worries.
With few catalysts to drive business, and Japan and China on holiday for most of the week, traders were easing back from their recent buying frenzy while there are also concerns the more than year-long rally may have gone a little too far.
Investment giant Warren Buffett instilled some unease after saying at the weekend that he expected the US economy was in “super high gear” thanks to massive Federal Reserve and government support but that it would fan inflation.
He said “people have money in their pocket and they’re paying higher prices” and there was more inflation than expected six months ago.
His comments revived concerns that the explosive recovery, vaccinations and easing of lockdowns would push up prices to the extent that the Fed would have to ease up on its market-supportive, ultra-loose monetary policies.—AFP