Asian Stocks, Copper Lower As Risk Appetite Fizzle Out

Copper futures slid with Asian stocks and emerging-market currencies as weaker-than-estimated Chinese data stoked concern over the outlook for the world’s second-largest economy. U.S. index futures dropped as crude oil and corn fell while gold led a retreat in precious metals.

Copper futures on the Comex sank 1.9 percent by 9:59 a.m. in Tokyo to $3.0255 a pound, after touching the lowest level since June. The MSCI Asia Pacific Index dropped 0.4 percent as stock gauges from Japan to Australia slipped. Standard & Poor’s 500 Index futures lost 0.2 percent after the index rose 1 percent last week. Malaysia’s ringgit snapped a four-day gain and the Korean won weakened 0.5 percent. Brent lost 0.3 percent and corn slid more than 1 percent. Gold fell 0.2 percent.

Data from China and Japan are overshadowing last week’s better-than-estimated U.S. payrolls figures. China said March 8 that exports slid the most since 2009 last month and inflation eased to a 13-month low, while Japan revised fourth-quarter growth down today. Searchers continue to look for traces of a Malaysian Airline System Bhd. plane amid concern over passengers traveling with stolen passports. In Crimea, Russian troops detained Ukrainian border guards amid the ongoing standoff.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu