Asian stocks fell for a fifth day after Federal Reserve minutes showed U.S. officials sought more progress on inflation and investors watched China as concerns heighted over the nation’s slowdown.
The MSCI Asia-Pacific Index slid 0.1 percent to 135.87 as of 9:05 a.m. While the Fed’s minutes quelled speculation the central bank will raise rates at its next gathering, China’s shock currency devaluation continued to roil emerging-market assets, with concern China’s slowdown will limit global growth fueling a rout in commodities. Gold and silver gained on haven demand while oil and copper extended losses.
Japan Topix index slid 0.5 percent. South Korea’s Kospi index fell 0.4 percent. Australia’s S&P/ASX 200 Index dropped 0.6 percent. New Zealand’s NZX 50 Index was little changed. Markets in China and Hong Kong have yet to open.
Chinese stocks fell this week after the securities regulator said late Friday the state agency tasked with supporting share prices will reduce buying as volatility falls. China’s richest traders are cashing out of stocks, while a record drop in yuan positions at the central bank and financial institutions last month signaled investors are moving money out of the country.
Source : Bloomberg