Asian
stocks fell, with the regional benchmark index heading for a second day
of declines, as the rout in oil spurred a global selloff of risk assets
amid deepening concern that global growth is weakening.
The
MSCI Asia Pacific Index dropped 1.1 percent to 120.47 as of 9:08 a.m.
in Tokyo. Oil’s collapse and worries about a China slowdown have
continued to roil markets around the world, with the regional gauge
sliding 7.8 percent this year through Tuesday. The slump in crude has
taken its toll on energy producers, with BP Plc’s fourth-quarter profit
tumbling 91 percent and Exxon Mobil Corp. cutting its drilling budget to
a 10-year low.
The
Bank of Japan surprised markets with a stimulus boost last week,
providing relief to turbulent markets around the world. The upturn was
short-lived, as anxiety that the drop in oil and wider financial turmoil
will impact growth took root. Citigroup’s Economic Surprise Index
indicates data in Group of 10 economies is falling short of estimates by
the most since May 2013. A gauge of service industries in China is due
Wednesday.
Japan’s
Topix index dropped 2 percent, heading for its second day of declines.
South Korea’s Kospi index lost 0.7 percent. Australia’s S&P/ASX 200
Index slid 1.2 percent. New Zealand’s benchmark gauge retreated 0.6
percent.
Futures
on the FTSE China A50 Index fell 0.9 percent in most recent trading,
while those for Hong Kong’s Hang Seng Index dropped 1.3 percent. Chinese
stocks climbed in light trading on Tuesday, led by technology and
industrial companies, as the central bank injected cash into the
financial system before markets close for holidays next week. The
Shanghai Composite Index rose 2.3 percent, paring its decline this year
to 22 percent.
Source : Bloomberg
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