Inflation worries ripple across markets

NEW YORK, June 10 (UPI) -- Central bank concerns over inflation in Europe and the United States have put pressure on stock markets around the globe, analysts said.

"Central banks are focusing on inflation, and seemingly they have put worries about the effects of the credit crisis behind them," Roger Cursley, an equity strategist at Investec told The New York Times Tuesday.

Statements on inflation made by Federal Reserve Chairman Ben Bernanke and Europe Central Bank President Jean-Claude Trichet have lead to fears that consumer spending will decline, the Times reported. It has also led to fears that central banks will stabilize or even increase their key lending rates.

Inflation worries rippled into Asian markets Tuesday with the Hong Kong stock market falling 4.1 percent Monday and the Nikkei index in Japan falling 1.1 percent.

In South Korea, the market fell 2.1 percent, while the Chinese stock markets fell 8.1 percent the largest daily tumble since 1999, the Times reported.