Asian stocks fell,
with the regional benchmark index extending a one-month low, after
China’s yuan devaluation pushed global equities lower and sent a gauge
of emerging-country shares into a bear market.
The MSCI Asia Pacific
Index dropped 0.2 percent to 139.75 as of 9:02 a.m. in Tokyo, heading
for its lowest close since July 8. China lowered the yuan’s daily
reference rate by 1.9 percent amid a slew of data showing decelerating
growth for the world’s second-biggest economy. The nation’s broadest
measure of new credit missed economists’ forecasts last month, according
to data released on Tuesday, while weekend reports showed exports fell
more than expected.
China’s surprise move
sparked fears of an Asian currency war and damped bets the Federal
Reserve will raise interest rates in September. China reports on retail
sales and factory output Wednesday. Minutes of the Bank of Japan’s most
recent meeting are also due.
Japan’s Topix index
fell 0.2 percent. South Korea’s Kospi index lost 0.2 percent. The
S&P/ASX 200 Index dropped 0.3 percent. New Zealand’s NZX 50 Index
slid 0.6 percent. Markets in China and Hong Kong have yet to open.
Source: Bloomberg
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