Asian stocks declined after U.S. shares fell and Federal Reserve officials argued that an interest-rate increase is still warranted this year. Markets in Japan are closed.
The MSCI Asia Pacific Excluding Japan Index lost 0.6 percent to 410.10 as of 10:01 a.m. in Sydney, before markets in China and Hong Kong opened. Australia’s S&P/ASX 200 Index fell 0.4 percent and South Korea’s Kospi index retreated 1.1 percent. New Zealand’s S&P/NZX 50 Index slipped 0.1 percent. The Standard & Poor’s 500 Index lost 1.6 percent on Friday.
Three U.S. policy makers at the weekend separately explained their rationale for supporting a rate increase at one of the Fed’s two remaining meetings of 2015, citing declines in unemployment and other gains in the U.S. economy that should outweigh headwinds from slower growth abroad and turbulent financial markets.