Asian stocks retreat from eight-month high
Asian stocks slipped from eight-month highs on Wednesday as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions.
MSCI’s broadest gauge of the world’s stock markets was down slightly from Tuesday’s six-month peak but it was still up roughly 19 percent from a near two-year trough marked in December.
- MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 percent.
- The Shanghai Composite Index fell 0.4 percent.
- Japan’s Nikkei lost 0.7 percent.
- On Wall Street, the S&P 500 gave up 0.61 percent.
- Nasdaq Composite declined 0.56 percent.
- The euro held firm at $1.1260.
- The British pound was little changed at $1.3059.
- The dollar was flat at 111.125 yen, having fallen 0.5 percent so far this week.
Oil prices held firm after hitting five-month highs the previous day as fighting in Libya raised supply disruption concerns.
- U.S. crude futures stood at $64.10 per barrel.
- Brent crude futures were at $70.63 per barrel and in reach of Tuesday’s five-month peak of $71.34.
The 10-year U.S. Treasury yield was at 2.49 percent; low of 2.340 percent touched late last month.