SYDNEY, Sept 27 — Asian shares got off to a cautious start today as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks.
Such an increase could stoke speculation that global inflation will prove longer-lasting than first hoped and hasten the end of super-cheap money, favouring reflation trades in bank and energy stocks while bruising bond prices. Stocks in Hong Kong have felt the most pressure, though the government in Beijing did add more liquidity to the financial system.
The week is packed with US Federal Reserve speeches led by Chair Jerome Powell tomorrow and Wednesday, with more than a dozen other events on the calendar. The lift in yields underpinned the US dollar, particularly against emerging market currencies which compete with Treasuries for global funds. The euro was steady at US$1.1719 as investors pondered the implications of a German government led by the centre-left Social Democrats after a narrow victory in yesterday’s election.
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