Asia Stocks Fall as Oil Drops, Investors Weigh Higher U.S. Rates

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Asian stocks dropped for a second day as oil tumbled below $40 a barrel and investors weighed the direction of U.S. monetary policy.

The MSCI Asia Pacific Index fell 0.5 percent to 128.10 as of 9:08 a.m. in Tokyo, heading for the lowest close in a week. U.S. shares retreated on Wednesday as Federal Reserve Bank of St. Louis President James Bullard joined a chorus of U.S. policy makers floating the prospect of an interest-rate hike as soon as April should the economic data warrant it.

Japan’s Topix index slipped 0.6 percent. South Korea’s Kospi index dropped 0.3 percent. Australia’s S&P/ASX 200 Index lost 1.1 percent. New Zealand’s S&P/NZX 50 Index declined 0.1 percent. Markets in China and Hong Kong have yet to start trading.

Source : Bloomberg