Asian stocks took a
step back on Monday after three consecutive weeks of gains as a retreat
in oil prices left investors in a ponderous mood about the health of the
global economy.
The MSCI Asia Pacific excluding Japan Index declined 0.4 percent to 412.76 as of 9:35 a.m. in Hong Kong. Japanese
markets are closed for a holiday. More than $4 trillion has been added
to the value of global equities this month as stimulus efforts from
central banks couple with an oil-driven rally in commodities to burnish
investor sentiment.
The wobbles in the oil
market, and general downturn in commodities combined with cooling
growth in China, have rattled financial markets in recent months. Fears
about the outlook for global growth was also instrumental in the Federal
Reserve last week indicating a slower path to future rate increases.
With Japan closed for a
holiday, Antipodean markets were broadly mixed in morning trade with
New Zealand up slightly and Australia easing 0.1 percent.
Source : Reuters
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