Asian stocks
HONG KONG - Asian stocks fell more than 1 percent on Monday, with regional shares outside Japan hitting a 1-month low, as investors feared rising inflation and sluggish US economic growth would seriously dent consumer demand.
US stocks last week chalked up their biggest decline in three months as oil prices rocketed to record highs, heightening concern about company earnings for the second quarter.
By the midsession, Japan’s Nikkei share average tumbled 2.2 percent, set for the largest single-day decline in six weeks, led lower by exporters such as Canon Inc and clothing firm Fast Retailing Co Ltd
South Korea’s KOSPI slid 1.7 percent to the lowest since April 24. Shares of Samsung Electronics Co Ltd, the world’s second-largest mobile phone maker, were the biggest drag on the index amid talk that Nokia may cut prices and re-enter the South Korean market.
