Asian stocks declined as Japanese shares fluctuated while energy shares tracked a slide in oil prices.
The MSCI Asia Pacific Index lost 0.3 percent to 118.33 as of 9:20 a.m. in Tokyo. Global shares rallied the past three days after more than $8 trillion was wiped from the value of equities since the start of the year amid concern growth in the world’s largest economies is weaker than forecast. Crude retreated amid bets that a pledge by the two biggest oil producing nations to freeze output won’t succeed in tackling the global surplus.
The Topix index rose 0.1 percent, after gaining as much as 0.7 percent earlier. Japanese stocks are coming off the best two-day rally since 2008, including an 8 percent surge on Monday, amid speculation this year’s global selloff was overdone and as confidence grew that central banks will do whatever is necessary to support markets. The yen traded at 114.08 after climbing 0.5 percent Tuesday as the agreement between Saudi Arabia and Russia weighed on oil prices, sending investors toward haven assets.
Australia’s S&P/ASX 200 Index slipped 0.3 percent and New Zealand’s S&P/NZX 50 Index advanced 0.4 percent. South Korea’s Kospi index fell 0.2 percent.
Source : Bloomberg