Asian stocks came under pressure on Monday as persistent worries about inflation and rising interest rates dogged the global economic outlook and fresh selling in technology stocks weighed on Chinese markets.
Despite the marginal gains, the S&P 500 and the Nasdaq recorded their seventh straight weeks of losses, the longest losing streak since the end of the dotcom bubble in 2001.
Inflationary pressures remain top of mind for investors, given German wholesale inflation figures published on Friday showed a higher than expected jump indicating prices will remain elevated in the short term future. In Australia, the Labor Party ended a near 10 year rule of conservative government at a general election on the weekendWhile Labor has promised climate, housing and enhanced social welfare reforms analysts do not believe the change in government will crate major implications for the nation's economy.
"Put another way, our economic forecasts and call on the RBA are unchanged despite the change of national leadership."
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