Asian Equities Slip from Five Month Highs

Asian stocks slipped from a five-month high while Australian bond yields fell to a three-week low after the nation’s business investment slumped more than estimated. Oil held above $50 a barrel in New York.

The MSCI Asia Pacific Index dropped 0.3 percent by 11:10 a.m. in Tokyo, with five stocks falling for every three that gained. Australian equities retreated from their highest level since 2008, while the local dollar weakened 0.5 percent and bond yields declined six basis points to 2.44 percent. Standard & Poor’s 500 Index futures were little changed. U.S. oil was at $50.70 a barrel after snapping a five-day slump. Copper is heading for its biggest monthly advance in almost 2 1/2 years.

The MSCI All Country World Index climbed toward a record this week after Greece and its creditors brokered a deal to extend bailout funding for four months and as Federal Reserve Chair Janet Yellen damped prospects of an imminent rate increase. A gauge of 15-day volatility in U.S. oil prices has dropped more than 40 percent since Feb. 4 as falling rig counts and falling investment in the sector tempered speculation that a supply glut will be long-term. Data Thursday may show U.S. consumer prices dropped in January for the first time since 2009.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.