Asian
stocks fell, with Japanese and Australian shares on the cusp of joining
China in a bear market, as a continuing collapse in oil prices
heightened concern over the strength of the global economy.
The
MSCI Asia Pacific Index lost 0.9 percent to 119.05 as of 4:06 p.m. in
Hong Kong, extending this year’s slide to 9.8 percent. Japan’s Nikkei
225 Stock Average declined 1.1 percent after plunging as much as 2.8
percent in early trading, while Australia’s S&P/ASX 200 Index
slipped 0.7 percent. Both are down 19 percent from their 2015 peaks,
approaching the 20 percent level that would send them into bear markets.
Oil
is below $30 a barrel for the first time in 12 years as global growth
worries roil equity, bond and currency markets. Investors awaited 2015
gross domestic product estimates from China on Tuesday as it struggles
to boost a slowing economy and money managers debate how many times the
Federal Reserve will raise interest rates this year.
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