Asian stocks swung from gains to losses after the regional benchmark index climbed for a sixth day yesterday to cap its longest run of advances this year.
The MSCI Asia Pacific Index slipped 0.2 percent to 136.11 as of 9:52 a.m. in Tokyo after rising as much as 0.1 percent. The measure rebounded 4.8 percent through yesterday from a five-month low on Feb. 4. The Standard & Poor’s 500 Index slid less than 0.1 percent yesterday as Procter & Gamble Co., the world’s largest consumer-products maker, cut its forecasts and Amazon.com Inc. was downgraded at UBS AG. Futures on the U.S. equity gauge declined 0.1 percent today.
“The softness that we’re seeing in January and February should be expected,” Mark Matthews, Singapore-based head of Asia research for Julius Baer, which oversees about $377 billion, said on Bloomberg TV. “Markets can’t go up in a straight line. We got so much money after the global financial crisis here in Asia and now we’re seeing a lot of outflows.”
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