Asian stocks fluctuated, with Japanese equities erasing gains from the Bank of Japan’s latest stimulus, as a strengthening yen offset a rally in crude oil.
The MSCI Asia Pacific Index rose less than 0.1 percent to 119.87 as of 9:20 a.m. in Tokyo, after falling as much as 0.1 percent earlier. The Standard & Poor’s 500 Index advanced on Wednesday as commodity producers rallied with oil. The yen traded at 118.05 per dollar after strengthening 1.7 percent on Wednesday, the most since August, as weak U.S. services data fueled anxiety America’s economy isn’t immune to weakness elsewhere.
Japan’s Topix index fell 1 percent. The measure dropped below its closing level on Jan. 28, the day before the central bank surprised investors by saying it would adopt negative interest rates.
South Korea’s Kospi index added 0.6 percent. Australia’s S&P/ASX 200 Index climbed 1.1 percent. New Zealand’s benchmark gauge increased 0.1 percent.
Futures on the FTSE China A50 Index added 0.2 percent in most recent trading, while those for Hong Kong’s Hang Seng Index dropped 1.1 percent. The Shanghai Composite Index slipped 0.4 percent on Wednesday, extending this year’s decline to 23 percent. Margin debt in China’s stock market shrunk to the lowest level since December 2014 on Monday, a sign of waning investor confidence after the benchmark gauge’s biggest monthly tumble since 2008.
Source : Bloomberg