Asian stocks fell, with the benchmark index heading for a fourth day of losses, after consumer confidence in the U.S. unexpectedly declined and Hong Kong braced for bigger protests as Chinese holidays started.
The MSCI Asia Pacific Index (MXAP) slid 0.1 percent to 140.20 as of 9:02 a.m. in Japan after retreating to a four-month low yesterday. The measure capped its biggest monthly decline in more than two years in September amid concern Chinese economic growth is slowing and that the Federal Reserve may increase U.S. borrowing costs sooner as it ends asset purchases.
“There are a lot of worries about when the U.S. will start raising rates,” Nader Naeimi, who helps manage about $125 billion as head of dynamic asset allocation at Sydney-based AMP Capital Investors Ltd., said by phone. “There’s growing concern about the Hong Kong situation. If the protests continue, there’s a risk some businesses may pull out.”
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.