Stocks in Asia Plunge Heavily, Following a Plummet in Wall Street on Fear of Rate Hike

Stocks in Asia plunged heavily in the morning session on May 13, 2021, following the plummet in Wall Street last night due to rate hike fears.

 

As of 9:25 local time in Thailand, Nikkei plunged 2.07%, SSEC fell 1.00%, HSI dropped 1.32%, ASX 200 dipped 0.41% and Kospi slipped 0.55%.

Last night, Dow Jones fell 681 points or 1.99% to close at 33,587.66 points. S&P 500 plunged 2.14% and Nasdaq dropped 2.67%.

Yesterday, SET Index closed at 1,571.85 points, decreased 7.08 points or 0.45% with a trading value of 117 billion baht.

 

Investors showed signs of concerns over consumer inflation data for April that rose 4.2% from a year ago, beating economists expectations of 3.6%, resulting in higher treasury yields and stocks lower.

Amid high inflation rate and a fast-growing economy in the U.S. after the recovery from the pandemic, investors feared that the Fed could hike interest rate sooner than expected.