Asian stocks fell, with the regional index heading for for its biggest two-day drop in a month, and the dollar advanced as oil erased yesterday’s gains. Chinese stocks fluctuated as inflation data missed estimates, underscoring growth concerns in Asia’s largest economy.
The MSCI Asia Pacific Index slid 1.3 percent by 11:29 a.m. in Tokyo, set for its lowest close since Oct. 24 as Japan’s Topix gauge slid 1.5 percent. The Hang Seng China Enterprises Index (HSCEI) was little changed after tumbling 4.6 percent yesterday. The Bloomberg Dollar Spot Index increased 0.1 percent as the yen weakened and the Australian currency held a record losing streak. Oil fell for the fourth time in five days.
Chinese producer prices fell 2.7 percent in November from a year before, a 33rd straight decrease, while consumer inflation slowed to 1.4 percent, the slowest since 2009, reports today showed. A move to tighten short-term lending rules in China sparked a rout in global equities yesterday, fanning concern over the outlook for Asia’s largest economy. The prospect of an election in Greece fueled speculation that opponents of the European Union’s bailout terms may gain more power.