HONG KONG, Sept 19 — Asian stocks sank today following a sedate performance on Wall Street as investors nervously await the Federal Reserve’s policy decision later in the week, while inflation worries were exacerbated by oil’s push towards US$100 .
However, while more than a year of tightening is close to an end, there is a growing concern that rates will be held elevated around two-decade highs for longer than initially anticipated. “As always, the Federal Reserve’s meeting... is expected to set the tone for global markets,” said SPI Asset Management’s Stephen Innes.
Crude markets are being closely followed as the commodity continues to rise, with both main contracts up more than a third since the middle of the year — at 10-month highs — largely fuelled by the production cuts by Riyadh and Moscow that are expected to stay until year’s end.
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