Asian Stocks See Worst Week Since December Before Yellen Speech
(Bloomberg) -- Asian stocks fell as investors shunned risk before U.S. central-bank chair Janet Yellen is expected to provide hints about the possibility of a interest rate increase this month.
The MSCI AC Asia Pacific Index declined 0.7 percent as of 4:35 p.m. in Hong Kong, set for its worst week in two months. Japan's Topix index fell, paring a three-day gain. South Korea's Kospi index underperformed in Asia as tourism stocks led by Hotel Shilla Co. plunged after a report said China will curb tourism to the nation.
“The focus for the day ahead would likely be on Federal Reserve Chair Yellen's speech in Chicago before next week's jobs data release for guidance on the Fed's path,” Jingyi Pan, market strategist at IG Asia Pte Ltd. wrote in an e mail.
The S&P 500 Index posted its worst day in a month yesterday as investors withdrew from a rally that has pushed U.S. equities to new highs. Yellen is scheduled to speak on the economic outlook in Chicago Friday after deputy Stanley Fischer speaks in New York.
Traders are betting on a 90 percent chance the Federal Reserve will raise rates this month, versus 40 percent at the end of last week, after several central-bank officials signaled their willingness to increase borrowing costs, with Fed Governor Lael Brainard being the latest.
China government's top advisory body, the Chinese People's Political Consultative Conference opens in Beijing, and will run alongside the meeting of the nation's legislature, the National People's Congress, which commences Sunday with Premier Li Keqiang delivering proposed key economic targets for the year. A report from Malaysia later today showed January exports improved.
SUMMARY
- Japan's Topix -0.4%, Nikkei -0.5%
- Toyota -0.2%, Mitsubishi UFJ -0.6%, Komatsu -1.5%
- Hang Seng Index -0.7%, HSCEI -1%, Shanghai Composite -0.4%
- AIA -0.6%, Tencent +0.4%
- Australia's S&P/ASX 200 -0.8%
- Materials gauge -2.1%; Rio Tinto -4.1%, BHP Billiton -1.4%
- South Korea's Kospi -1.1%
- Singapore's Straits Times Index -0.7%, Jakarta Stock Exchange Composite Index -0.2%, Malaysia's KLCI Index -0.3%, Philippines Stock Exchange PSEi Index +0.2%, Thailand's SET Index -0.1%
- S&P BSE Sensex Index -0.2%
--With assistance from Livia Yap
To contact the reporter on this story: Choong En Han in Kuala Lumpur at echoong6@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Margo Towie
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
