Asian stocks retreat as China’s growth slowdown deepens
Asian stocks fell today after soft Chinese economic data showed the trade war between Beijing and Washington hitting growth in the world’s second-largest economy.
- MSCI’s broadest index of Asia-Pacific shares outside Japan , which had drifted in to positive territory in morning trade, turned negative to trade 0.4 per cent lower.
- Japan’s Nikkei stock index dropped 0.6 per cent.
- Shanghai blue chips turned from positive to flat.
- Australia’s S&P/ASX200 index wiped some of its gains to trade less than 0.5 per cent higher by mid afternoon in Sydney.
- Hong Kong’s Hang Seng fell almost another percentage point today.
- US stock futures fell 0.1 per cent in Asia today after the S&P 500 eked out a 0.07 per cent gain.
- In currency markets, the yen was quoted at 108.73 per dollar.
- The Swiss franc traded at 0.9901 versus the greenback.
- The Australian dollar skidded to a one-month low today after a worryingly weak reading on.
- The dollar faded to 109.26 yen.
- The yield on benchmark 10-year Treasury notes fell slightly to 1.8774 per cent.
- US crude rose 0.4 per cent to US$57.32 a barrel after a fall in stockpiles added to positive comments by the US Federal Reserve head on the US economy.