Asian stocks fell, with the regional benchmark index extending its weekly decline, as the commodities rout deepened with oil entering a bear market.
The MSCI Asia Pacific Index fell 0.2 percent to 143.38 as of 9:11 a.m. in Tokyo. The gauge is headed for a 0.9 percent decline this week as global equities traced losses on commodity markets, where concern over supply gluts sent gold to industrial metals and oil tumbling. Adding to commodity investors’ pain is the resurgent dollar, with focus shifting to next week’s Federal Reserve policy meeting amid buoyant economic data. U.S. stocks fell for a third day as earnings results from 3M Co. and Caterpillar Inc. disappointed.
Japan Topix index slid 0.2 percent and South Korea Kospi index dropped 0.7 percent. Australia S&P/ASX 200 Index fell 0.4 percent. New Zealand NZX 50 Index slipped 0.1 percent. Markets in China and Hong Kong have yet to open.
The Shanghai Composite Index rose for a sixth day on Thursday, climbing 2.4 percent and sending the benchmark index to its longest stretch of gains since May, as unprecedented government intervention to support equities took root. The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong advanced 0.9 percent.
Source : Bloomberg