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Asian Equities Lower over China Concerns

Asian stocks fell with U.S. share-index futures, extending the biggest quarterly drop in global equities for more than two years, while the dollar climbed to a six-year high versus the yen. Crude oil rebounded following its steepest one-day loss in 22 months as platinum slid.

The MSCI Asia Pacific Index lost 0.3 percent by 12:45 p.m. in Tokyo, following its steepest quarterly retreat since 2012. Standard & Poor’s 500 Index futures declined 0.1 percent. The Bloomberg Dollar Spot Index rose a ninth day, building on its best quarter in six years, as the greenback briefly bought more than 110 yen for the first time since August 2008. Australia’s currency slumped after weaker-than-estimated retail-sales data. Oil in New York added 0.3 percent, while platinum sank 1.3 percent to a five-year low.

Speculation that U.S. interest rates may rise sooner than anticipated, along with slowing growth in China and rising geopolitical tensions, saw investors abandoning stocks for the relative safety of sovereign bonds and the dollar. Thousands of pro-democracy demonstrators blocked roads in Hong Kong at the start of a national holidays. An official gauge of Chinese manufacturing was unchanged in September from August.

Bloomberg [1]

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