Asian
stocks looked set to track Friday’s retreat in U.S. equities, with the
safe-haven yen holding most of its biggest gain in more than a week amid
a rout in the price of oil.
Shares
in New Zealand declined 0.2 percent, while futures on indexes from
Tokyo to Sydney signaled losses after U.S. stocks tumbled on Friday to
their lowest closing level in two months. The euro was little changed
while Spanish government bonds may weaken on Monday after Spain was left
with no clear governing majority following the nation’s election. Crude
slid to the lowest level in more than six years last week, bucking
gains seen in commodities including copper, sugar and gold.
The
S&P/NZX 50 Index declined 0.2 percent as of 7:21 a.m. in Tokyo on
Monday. Futures on Australia’s benchmark were down 0.8 percent in most
recent trading, while those on the Kospi index in Seoul weakened 0.3
percent.
Nikkei
225 Stock Average futures slid 0.6 percent to 18,830 in Osaka, with
contracts denominated in yen traded in Chicago falling 2.3 percent last
session. The Bank of Japan on Friday modified its stimulus program to
lengthen the average maturities of government bonds it buys and unveiled
new measures to purchase exchange-traded funds. Governor Haruhiko
Kuroda said the changes were designed to make it easier for the BOJ to
maintain its current policy and didn’t constitute additional easing.
In
Hong Kong, futures on the Hang Seng and Hang Seng China Enterprises
gauges lost at least 0.5 percent, while those on the FTSE China A50
Index were down 0.2 percent in recent trade.
Source: Bloomberg
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