Asian
stocks fell, with the regional gauge heading for its first weekly loss
in four weeks, after the European Central Bank’s unprecedented
bolstering of monetary policy failed to boost investor sentiment.
The
MSCI Asia Pacific Index slipped 0.3 percent to 125.16 as of 9:04 a.m.,
heading for a 0.9 percent loss this week. Mounting concern that central
banks have lost the ability to jolt financial markets out of turmoil is
derailing a rally in global equities. While the ECB’s announcement was
an initial shot in the arm for riskier assets, President Mario Draghi’s
indication that rates won’t be cut quickly reversed the mood, with
investors taking less than 90 minutes to go from overwhelmed at the
scale of his move to underwhelmed at the stimulus outlook. The focus now
shifts to next week’s meetings of the Bank of Japan and the Federal
Reserve.
Japan’s
Topix index lost 1.1 percent. South Korea’s Kospi Index was little
changed. Australia’s S&P/ASX 200 Index dropped 0.2 percent. New
Zealand’s S&P/NZX 50 Index fell 0.3 percent, retreating from a
record. Markets in China and Hong Kong are yet to start trading.
Source: Bloomberg
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