Asian stocks pared losses as a better-than-estimated preliminary factory report from China helped temper concern after a decline in U.S. equities. Oil extended declines while New Zealand’s dollar weakened after inflation slowed more than estimated.
The MSCI Asia Pacific Index lost 0.3 percent by 10:49 a.m. in Tokyo, after climbing to the highest close since Oct. 9 yesterday. Chinese shares fluctuated. Standard & Poor’s 500 Index futures were little changed after the U.S. gauge fell following its best four-day rally since January 2013. Oil in New York slipped 0.4 percent after yesterday’s 2.4 percent fall. The kiwi slid 1.1 percent as the greenback held gains versus major peers.
Gauges of manufacturing from China to Europe are due today as investors examine economic data for clues as to the health of the global economy. Equities have been seesawing, with the U.S. on track to end bond purchases this month amid signs of a slowdown elsewhere. The Asia-Pacific gauge swung an average 0.9 percent a day this month, up from 0.5 percent in the first nine months of 2014. U.S. oil inventories rose more estimated last week, stoking concern that supply is outpacing demand.
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