Australian shares are set to drop as markets retreated midwek under the double whammy of inflationary pressures and the Ukraine crisis.
Stocks retreated as traders struggled to evaluate the risk of geopolitical tension in Ukraine and the impact of mounting inflation pressures on central bank policy.
Shopify plunged the most in almost two years after giving a weaker outlook for growth this year, as online spending resets after the Covid-19 induced boom and consumers face higher inflation.“The Covid-triggered acceleration of ecommerce that spilled into the first half of 2021 in the form of lockdowns and government stimulus will be absent from 2022,” the Canadian ecommerce giant said in a statement on Wednesday.
“Just how long shoppers will keep splashing the cash will be an increasing cause for concern for retailers especially with the one-two punch of another interest rate rise in March, and energy bills being hiked dramatically in April,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.Hong Kong shares rose, while slowing inflation in China raised hopes of more policy easing in the world’s second-largest economy.
China’s factory-gate inflation eased to its slowest pace in six months and consumer price growth also softened in January, potentially giving the People’s Bank of China room to ease policy to support the slowing economy.China’s main Shanghai Composite index closed up 0.57 per cent at 3,465.83 points, while the blue-chip CSI300 index ended up 0.39 per cent
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