Asian Equities Lower on U.S. Growth Concerns

Asian stocks fell amid concern about the strength of U.S. economic growth and as investors awaited manufacturing data from China.

The MSCI Asia Pacific Index lost 0.4 percent to 150.75 as of 9:01 a.m. in Tokyo. The Standard & Poor’s 500 Index declined 0.6 percent on Friday in New York as May economic data raised concern over the strength of the world’s largest economy after a first-quarter contraction.

Asian shares last month lost 1.3 percent, paring this year’s gain to less than 10 percent. Japan’s Nikkei 225 Stock Average climbed for 11 straight days through Friday, extending its longest rally since 1988. Chinese stocks ended a volatile week of trading with a second day of losses amid concern that nation’s world-beating rally has gone too far, too fast.

Bloomberg

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