Shares drop as stubborn U.S. inflation stokes worries on rates, economy

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Reuters UK

By Tom Westbrook SINGAPORE (Reuters) – Stocks fell and the dollar held firm on Thursday as data showed U.S. inflation persistently high, and investors worried about the economic toll of aggressive interest rate hikes to tame it. U.S. markets whipsawed after the news, then closed sharply lower. S&P 500 futures rose 0.5% in a bumpy Asia session. Foreign exchange trade was also volatile, but has left the dollar index within a whisker of a two-decade high. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1%. Japan’s Nikkei fell 1%. Bitcoin was pinned below $30,000 on Thursday, nursi…

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