SBS Indonesian

World shares sink after retreat on Wall Street

SBS Indonesian

Shares dropped sharply in Asia after a broad retreat on Wall Street triggered by dismal results from major retailer Target

Shares dropped sharply in Asia after a broad retreat on Wall Street triggered by dismal results from major retailer Target Source: Getty


Published 20 May 2022 at 6:14pm
By Claudia Farhart
Presented by Ricky Kusumo
Source: SBS

Global inflation has caused stock markets around the world to have taken a serious hit after poor retail results wreaked havoc on Wall Street.


Published 20 May 2022 at 6:14pm
By Claudia Farhart
Presented by Ricky Kusumo
Source: SBS


At the close of the trading day, there was a sharp decline on Wall Street which was one of its worst days since the start of the pandemic. The Dow Jones was down three point five seven percent, while the S-&-P-500 was down four percent.
The biggest drop was at retail giant Target, where its share price plunged 25 percent, after reporting a staggering 52 percent drop in first-quarter profit.

In Asia, Hong Kong's Hang Seng fell three point one percent. And in Australia, the A-S-X 200 closed down one and a half percent.
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In the UK, inflation is now at nine percent, meaning prices are rising faster than they have been in 40 years.

The driving inflation is supply chain stress exacerbated by Russia's war in Ukraine, and lockdowns on China's key manufacturing cities.


 

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