The sell-off on Wall Street followed the release of dismal results from retailer Target that added to fears inflation is battering U.S. companies.
TOKYO -- Shares declined in Europe and Asia on Thursday after a broad retreat on Wall Street triggered by worries over the impact of persistent high inflation on corporate profits and consumer spending.Germany's DAX lost 2% to 13,731.64 and the CAC 40 in Paris declined 1.9% to 6,234.78. Britain's FTSE 100 shed 1.7% to 3,537.99. The future for the S&P 500 was 1% lower while the future for the Dow Jones Industrial Average sank 0.9%.
"The sentiment in the market is highly negative as traders and investors are largely concerned about an economic downturn and soaring inflation," Naeem Aslam of Avatrade said in a commentary. Japan's exports grew to 8.076 trillion yen last month, up 12.5% from the previous year, according to Ministry of Finance data released Thursday. Imports totaled 8.915 trillion yen in April, up from 6.953 trillion yen in April 2021, and the highest since comparable numbers began to be taken in 1979.
The report comes a day after Walmart said its profit took a hit from higher costs. The nation's largest retailer fell 6.8%, adding to its losses from Tuesday.
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