Asian
stocks fell, led by Japan, following a selloff in U.S. and European
shares Friday. Metals climbed with Australia’s dollar after China
stepped up stimulus, cutting the reserve-requirement ratio for banks
amid a slowdown.
The
MSCI Asia Pacific Index slipped 0.3 percent by 9:20 a.m. in Tokyo, as
Japan’s Topix gauge dropped to a two-week low. Standard & Poor’s 500
Index futures gained 0.2 percent after a 1 percent slump in MSCI’s
global stock measure Friday. The Aussie added 0.4 percent with New
Zealand’s dollar, while copper and nickel climbed more than 1 percent,
while gold gained 0.2 percent. Oil rose for the seventh time in eight
days.
China
announced on Sunday the biggest cut to the amount lenders must set
aside as reserves since the global financial crisis, after data last
week showed growth in Asia’s largest economy had slowed to the least in
six years. The move came after regulators moved to stem a surge in
Chinese equities, banning a source of financing for margin trades and
making it easier for short sellers to bet on declines. Solid U.S.
inflation data also fueled global stock losses on Friday.
Source: Bloomberg
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