Asian stocks dropped, following a decline in U.S. equities, after better-than-estimated economic data bolstered the case for higher interest rates in the world’s largest economy.
The MSCI Asia Pacific Index lost 0.3 percent to 152.77 as of 9:01 a.m. in Tokyo. The Standard & Poor’s 500 Index sank 1 percent on Tuesday, its biggest slide since May 5, as strong readings for U.S. capital-goods orders and new home sales fueled bets for higher rates. Japan’s Topix index slipped 0.3 percent today even after the yen weakened 1.3 percent to an almost eight-year low against the dollar Tuesday. In Europe, talks between Greece and its creditors are said to be stalling.
South Korea’s Kospi index fell 0.6 percent. Australia’s S&P/ASX 200 Index retreated 0.3 percent and New Zealand’s NZX 50 Index lost 0.4 percent.
Futures on the Hang Seng China Enterprises Index, a gauge of Chinese stocks listed in Hong Kong, added 0.4 percent in most recent trading, after the index climbed to its highest level since January 2008 on Tuesday. Contracts on the FTSE China A50 Index rose 0.3 percent, following a 2 percent surge in the Shanghai Composite Index for a sixth day of gains.
E-mini futures on the S&P 500 slid less than 0.1 percent today.