Asian Equities Lower

Asian stocks outside Japan dropped, with a gauge of Chinese shares in Hong Kong paring its weekly advance, and U.S. futures slid. Indonesia’s rupiah weakened a second day versus the dollar, while copper trimmed a weekly gain.

The MSCI Asia Pacific excluding Japan Index slipped 0.4 percent by 12:49 p.m. in Tokyo, set for a weekly climb of 1.4 percent. The Hang Seng China Enterprises Index dropped 0.3 percent after surging 5.6 percent in three days. Standard & Poor’s 500 Index futures lost 0.1 percent and Nasdaq 100 Index contracts fell 0.2 percent. The rupiah weakened 0.3 percent as the Bloomberg Dollar Spot Index held near the highest level since June 18. Australian bonds declined and gold headed for a second weekly retreat. Copper fell 0.4 percent.

Global equities are up for a second week, after a raft of better-than-estimated earnings in the U.S. and signs of global manufacturing growth buoyed sentiment. Chinese shares may climb another 20 percent, following a 19 percent surge in the Hang Seng China Enterprises Index since March 20, said Mark Mobius, executive chairman of Templeton Emerging Markets Group. The U.S. and Canada will oppose World Bank projects related to Russia, to intensify pressure on the country over its actions in Ukraine.

Bloomberg

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