Asian stocks fell for a
third day, with the regional benchmark index extending a seven-month
low, as investors continued to weigh the impact of China’s shock
currency devaluation.
The MSCI Asia Pacific
Index dropped 0.2 percent to 138.05 as of 9:02 a.m. in Tokyo. U.S.
stocks reversed losses in Wednesday trading as the greenback’s retreat
sparked a rebound in some commodities. Concern the yuan’s devaluation
will sap inflation globally threw the outlook for higher U.S. interest
rates into question, sinking the dollar. The yuan climbed 0.7 percent in
Hong Kong following a two-day rout.
Japan’s Topix index
slid 0.3 percent while South Korea’s Kospi index fell 0.1 percent.
Australia’s S&P/ASX 200 Index gained 0.2 percent and New Zealand’s
NZX 50 Index slid 0.2 percent. Markets in Hong Kong and China have yet
to open.
The Shanghai Composite
Index slipped 1.1 percent on Wednesday, while the Hang Seng China
Enterprises Index of mainland stocks traded in Hong Kong fell 2 percent.
Data showed China’s industrial production, investment and retail data
all trailed analysts estimates, putting additional downward pressure on
an already weakening currency.
Source: Bloomberg
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