Asian stocks fell as China set the lowest economic growth target in more than 15 years and investors assessed American data on jobs and service industries.
The MSCI Asia Pacific Index slipped 0.2 percent to 145.32 as of 9:04 a.m. in Tokyo. The measure in February posted its biggest monthly advance since September 2013, and traded yesterday at 14.6 times estimated earnings, near an almost two-year high. China’s goal of about 7 percent comes as leaders tackle the side effects of a generation-long expansion that has spurred corruption, debt risks and pollution.
The Standard & Poor’s 500 Index dropped 0.4 percent on Wednesday. Companies added fewer workers to U.S. payrolls in February compared with the previous month, figures from Roseland, New Jersey-based ADP Research Institute showed before Friday’s official data, while service industries unexpectedly expanded at a faster pace in February. The Federal Reserve’s Beige Book showed most of the U.S. economy continued to grow from January through mid-February, as spending and manufacturing rose.
Recommended Content
Editors’ Picks
EUR/USD eases to near 1.0700 ahead of German inflation data
EUR/USD is paring gains to near 1.0700 in the European session on Monday. The pair stays supported by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 154.50 on likely Japanese intervention
USD/JPY is recovering ground after sliding to 154.50 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Focus shifts to the US employment data and the Fed decision later this week.
Gold price holds steady above $2,335, bulls seem reluctant amid reduced Fed rate cut bets
Gold price (XAU/USD) attracts some buyers near the $2,320 area and turns positive for the third successive day on Monday, albeit the intraday uptick lacks bullish conviction.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.