Asian Stocks Drop as USD/JPY settles below 97

Asian stocks fell, heading for the first weekly loss in almost two months. The yen strengthened and crude oil snapped a five-day losing streak.

The MSCI Asia Pacific Index lost 0.2 percent at 2:34 p.m. in Tokyo, erasing an earlier advance and taking its weekly loss to 1.5 percent. Standard & Poor’s 500 Index (SPX) futures were little changed. Japan’s Topix rose 0.2 percent while the Shanghai Composite Index dropped 0.4 percent. The yen appreciated 0.1 percent against the dollar. China’s yuan gained the most in six weeks. West Texas Intermediate crude climbed 0.6 percent, as gasoline and natural gas also advanced.

Industrial production in China rose 9.7 percent in July from a year ago, exceeding analyst estimates. The nation’s inflation stayed subdued in July while factory-gate prices fell for a 17th month data showed today, giving Premier Li Keqiang room to boost stimulus should an economic slowdown deepen. Markets including India, Singapore and Indonesia are closed for holidays.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.