Asian Stocks Lower on Chinese Money Market

Asian stocks fell for the first time in five days as Chinese money-market rates surged, while the Australian dollar reversed gains and commodities dropped. The yen strengthened and Treasuries rose a second day.

The MSCI Asia Pacific Index lost 0.4 percent by 2:15 p.m. in Tokyo, erasing gains of as much as 0.5 percent as the Shanghai Composite Index declined 1.2 percent. Standard & Poor’s 500 Index (SPA) futures decreased 0.3 percent and FTSE 100 Index contracts slid 0.2 percent. Copper led metals lower and oil slipped a third day. Australia’s dollar fell from a four-month high and the yen advanced 0.8 percent to 97.39 per dollar. The U.S. 10-year yield touched a three-month low.

China’s benchmark money-market rate jumped the most since July as the central bank refrained from adding funds to markets. Barclays Plc joined ING Bank NV in calling for a delay in Fed tapering after U.S. employers added fewer workers than projected. Data today is forecast to show consumer confidence in the euro area climbed to the highest since July 2011.

Bloomberg

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