Most Asian stocks fell, led by consumer and raw materials companies, as copper drove a retreat among industrial metals and crude oil slipped a second day. Australia’s dollar rallied before an interest-rate review.
The MSCI Asia Pacific Index slipped a second day, down 0.4 percent by 11:06 a.m. in Tokyo as benchmarks in Australia and South Korea dropped at least 0.5 percent. Japanese shares swung between gains and losses with the yen lingering near a 12 1/2-year low. Copper declined 0.3 percent, while oil in New York and London dropped 0.1 percent ahead of Friday’s OPEC meeting. The Aussie snapped a five-day fall and the Korean won followed Japan’s currency lower.
Australia’s central bank is projected to hold key borrowing costs at a record low Tuesday, while India is forecast to cut rates as policy makers from Europe to Asia embrace stimulus amid an uneven global recovery. Prospects official efforts have arrested a slowdown in the Chinese economy spurred the steepest gain in Shanghai stocks Monday since January. European leaders and the International Monetary Fund agreed to step up the intensity of talks over Greece.