Asian stocks dropped,
with the regional benchmark index heading for its first decline in five
days, as material and energy shares led losses after oil resumed its
selloff amid signs China’s economy is deteriorating.
The MSCI Asia Pacific
Index slid 0.3 percent to 122.29 as of 9:01 a.m. in Tokyo. The gauge on
Monday capped its longest winning streak of the year, gaining 4.1
percent in four days, as optimism grew that central banks around the
world will support financial markets. Crude tumbled Monday after China’s
official factory gauge signaled a record sixth straight month of
deterioration.
Federal Reserve Vice
Chairman Stanley Fischer said on Monday that the impact of recent market
turbulence on U.S. growth could factor into decision-making, helping
U.S. stocks shrug off the oil slump to close little changed. Futures on
the Standard & Poor’s 500 Index fell 0.4 percent on Tuesday.
Japan’s Topix index
lost 0.8 percent, after rallying more than 5 percent over the previous
two days on the Bank of Japan’s unexpected stimulus boost. South Korea’s
Kospi index slid 0.6 percent. New Zealand’s benchmark gauge added 0.2
percent. Australia’s S&P/ASX 200 Index retreated 0.6 percent before
the nation’s central bank reviews its monetary policy.
Futures on the FTSE
China A50 Index added 0.2 percent in most recent trading, while those
for Hong Kong’s Hang Seng Index slipped 0.2 percent. The Shanghai
Composite Index slumped 1.8 percent on Monday after official factory
gauge signaled a record sixth straight month of deterioration, raising
the stakes for policy makers struggling to prop up the economy amid a
second bear market in stocks since June and a currency at a five-year
low.
Source : Bloomberg
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