Asian Stock Markets Halt 4-Day Long Winning Streak
Aug, 03rd 03:17
Asian stocks fell for the first time in four days amid signs of a deepening slowdown in China’s economy. Crude declined with copper, while the yen strengthened.
The MSCI Asia Pacific Index lost 0.8 percent at 11:09 a.m. in Tokyo. The Shanghai Composite Index slid 1 percent, following its worst monthly drop in six years. U.S. index futures were little changed.
Oil retreated 0.7 percent, with Iran claiming it will be able to bolster crude production a week after sanctions are lifted. Copper dropped 0.3 percent. South Korea’s currency climbed 0.5 percent as the central bank reported a record current-account surplus.
An official gauge of Chinese manufacturing at the weekend slid to a five-month low, with the final reading on a private gauge Monday contracting more than estimated.
Factory indexes for Japan to India and the U.S. will be released and Greek markets are set to resume following a five-week suspension.
Equities globally rose 0.8 percent in July as some strong U.S. company earnings and the American economic recovery outweighed the Greek crisis and ructions in China’s stock market.
The S&P 500 rose 2 percent, the most since February, while the Stoxx Europe 600 Index added 4 percent. The Asia Pacific index fell 2.9 percent, despite gains in Japanese shares.