Asian stocks fell, with the regional benchmark index heading for its first drop in three days, after Chinese President Xi Jinping said the nation needs to adapt to a œnew normal in the pace of economic growth.
The MSCI Asia Pacific Index lost 0.1 percent to 137.78 as of 9:02 a.m. in Tokyo after losing 0.4 percent last week. Markets are yet to open in Hong Kong and China. Sharp Corp., Nissan Motor Co. and Hitachi Ltd. are scheduled to report earnings today.
China��s growth fundamentals haven��t changed and the country is still in a œsignificant period of strategic opportunity, Xi said, according to a Xinhua News Agency report on the central government website on May 10. At the same time, the government must prevent risks and take œtimely countermeasures to reduce potential negative effects, he said.
Japan��s Topix index was little changed after data showed the nation��s current-account surplus narrowed to 116.4 billion yen ($1.1 billion) in March from 612.7 billion yen in February. The yen traded little changed at 101.90 per dollar after falling 0.2 percent on May 9.
South Korea��s Kospi index and Australia��s S&P/ASX 200 Index both slipped 0.1 percent. New Zealand��s NZX 50 Index added 0.1 percent.
Source : Bloomberg