Most Asian stocks dropped, tracking declines in U.S. shares, as a stronger yen dragged down Japanese equities.
About two shares fell
for each that rose on the dollar-denominated MSCI Asia Pacific Index,
which added 0.2 percent to 131.73 as of 9:03 a.m. in Tokyo. Japan’s
Topix index slid 0.5 percent after the yen gained 0.8 percent against
the dollar on Wednesday as traders pared back bets on a U.S.
interest-rate increase this year. The Standard & Poor’s 500 Index
fell 0.5 percent as Wal-Mart Stores Inc. predicted earnings will decline
next year and quarterly results from JPMorgan Chase & Co.
disappointed. The Shanghai Composite Index dropped for the first time in
six days on Wednesday after data showed Chinese factory-gate prices
matched their biggest slump since the global financial crisis.
South Korea’s Kospi
index slipped 0.1 percent. Australia’s S&P/ASX 200 Index climbed 0.2
percent. New Zealand’s S&P/NZX 50 Index lost 0.1 percent. Markets
in China and Hong Kong have yet to start trading.
Futures on the FTSE
China A50 Index gained 1 percent in most recent trading, while contracts
on the Hang Seng China Enterprises Index of mainland shares traded in
Hong Kong added 0.2 percent, as did those on the benchmark Hang Seng
Index.
E-mini futures on the
S&P 500 gained 0.2 percent after the underlying gauge posted its
first back-to-back declines in more than two weeks.
Bets on the Federal
Reserve boosting borrowing costs at its October meeting slid to just 4
percent and odds of an increase before the end of the year are now 27
percent.
Source: Bloomberg
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