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Most Asian Stocks Retreat as Japan Falls on Yen, Oil Declines
Thu Nov 27, 2014 7:45 am
Most Asian stocks fell as Japanese shares retreated on a stronger yen and a drop in oil weighed on energy companies.
About three shares declined for every two that gained on the MSCI Asia Pacific Index (MXAP), which was little changed at 141.34 as of 9:03 a.m. in Tokyo. The Standard & Poor’s 500 Index climbed 0.3 percent to a fresh record yesterday ahead of the Thanksgiving holiday as investors weighed economic data.
“In the medium-term, things are still moving positively in most economies, but growth is slower universally,” said Angus Gluskie, managing director at White Funds Management in Sydney, which oversees about $550 million. “You want to be in the markets, but you don’t expect a spectacular return.”
Japan’s Topix (TPX) index slid 0.3 percent as the yen strengthened for a third day to trade at 117.64 per dollar. South Korea’s Kospi index climbed 0.5 percent. Australia’s S&P/ASX 200 Index added 0.2 percent, while New Zealand’s NZX 50 Index slipped 0.1 percent. Markets in Hong Kong and China have yet to open.
The Asia-Pacific measure rebounded 5.7 percent from an Oct. 17 low through yesterday as the Bank of Japan added stimulus, China cut interest rates and speculation grew the European Central Bank will take more stimulus measures.
U.S. consumer confidence climbed to a more than seven-year high in November as Americans’ views of their financial well-being improved heading into the holiday shopping season. A separate report showed consumer spending climbed in October at the same pace as incomes, showing households are staying within their means as the holiday-shopping season begins.
http://www.bloomberg.com/news/2014-11-27/most-asian-stocks-retreat-as-japan-falls-on-yen-oil-declines.html
About three shares declined for every two that gained on the MSCI Asia Pacific Index (MXAP), which was little changed at 141.34 as of 9:03 a.m. in Tokyo. The Standard & Poor’s 500 Index climbed 0.3 percent to a fresh record yesterday ahead of the Thanksgiving holiday as investors weighed economic data.
“In the medium-term, things are still moving positively in most economies, but growth is slower universally,” said Angus Gluskie, managing director at White Funds Management in Sydney, which oversees about $550 million. “You want to be in the markets, but you don’t expect a spectacular return.”
Japan’s Topix (TPX) index slid 0.3 percent as the yen strengthened for a third day to trade at 117.64 per dollar. South Korea’s Kospi index climbed 0.5 percent. Australia’s S&P/ASX 200 Index added 0.2 percent, while New Zealand’s NZX 50 Index slipped 0.1 percent. Markets in Hong Kong and China have yet to open.
The Asia-Pacific measure rebounded 5.7 percent from an Oct. 17 low through yesterday as the Bank of Japan added stimulus, China cut interest rates and speculation grew the European Central Bank will take more stimulus measures.
U.S. consumer confidence climbed to a more than seven-year high in November as Americans’ views of their financial well-being improved heading into the holiday shopping season. A separate report showed consumer spending climbed in October at the same pace as incomes, showing households are staying within their means as the holiday-shopping season begins.
http://www.bloomberg.com/news/2014-11-27/most-asian-stocks-retreat-as-japan-falls-on-yen-oil-declines.html
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