Asian stocks fell, led by Japan, following a selloff in U.S. and European shares Friday. Metals climbed with Australia’s dollar after China stepped up stimulus, cutting the reserve-requirement ratio for banks amid a slowdown.
The MSCI Asia Pacific Index slipped 0.3 percent by 9:20 a.m. in Tokyo, as Japan’s Topix gauge dropped to a two-week low. Standard & Poor’s 500 Index futures gained 0.2 percent after a 1 percent slump in MSCI’s global stock measure Friday. The Aussie added 0.4 percent with New Zealand’s dollar, while copper and nickel climbed more than 1 percent, while gold gained 0.2 percent. Oil rose for the seventh time in eight days.
China announced on Sunday the biggest cut to the amount lenders must set aside as reserves since the global financial crisis, after data last week showed growth in Asia’s largest economy had slowed to the least in six years. The move came after regulators moved to stem a surge in Chinese equities, banning a source of financing for margin trades and making it easier for short sellers to bet on declines. Solid U.S. inflation data also fueled global stock losses on Friday.