Asia Stocks Trading Lower Guided By Drop In US Indexes

Asian stocks fell, with the regional index pacing declines in U.S. shares as the yen extended gains amid concern President Barack Obama will step up pressure on Russia. Platinum rebounded with silver.

The MSCI Asia Pacific Index slipped 0.6 percent by 9:57 a.m. in Tokyo with Japan’s Topix Index sliding 1.5 percent as most stocks traded without the right to their latest dividend. Australian shares tumbled. Standard & Poor’s 500 Index futures rose 0.1 percent after the gauge fell 0.7 percent in New York. The yen climbed to a one-week high versus the dollar. Platinum snapped a three-day drop and silver added 0.3 percent, while wheat and corn futures slipped on forecasts for rain in the U.S.

Obama said after a meeting with European leaders that there were consequences for being complacent over Russia’s annexation of Crimea from Ukraine. Stocks extended declines in the last hour of U.S. trading as investors sold companies that have led the S&P 500’s bull market. China reports industrial profits for February today as data from manufacturing to overseas trade stokes concern over the slowdown in Asia’s largest economy. The Philippines and Taiwan review interest rates today.

Bloomberg

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