Most Asian stocks fell amid concern Europe™s stimulus plans may not solve the euro region™s economic woes and after an unexpected drop in American wages clouded the outlook for U.S. interest rates.
Two stocks dropped for each that rose on the MSCI Asia Pacific excluding Japan Index, which was little changed at 470.28 as of 9:07 a.m. in Seoul. Markets in Tokyo are closed for a holiday. U.S. and European stocks drove down a gauge of global equities for the first time in three days Jan. 9 on concern increased bond buying by the European Central Bank won™t be enough to shore up the economy and after data showed hourly earnings in the U.S. fell the most on average since records began in 2006.
Australia™s S&P/ASX 200 Index fell 0.5 percent, with volume 42 percent below the 30-day intraday average, while New Zealand™s NZX 50 Index added 0.3 percent. South Korea™s Kospi index retreated 0.2 percent. Markets in Hong Kong and mainland China are yet to open.
While Federal Reserve officials agree they are unlikely to raise key interest rates before late April, some officials are concerned inflation could remain below target given the retreat in oil prices, according to minutes of the central bank™s December meeting released last week.
Source : Bloomberg