Asian stocks slid toward a six-month low and average bond yields for the biggest developed economies fell to a record on concerns that global growth is at risk. Crude oil extended declines as South Korea’s won led emerging-market currencies higher.
The MSCI Asia Pacific Index sank 1.1 percent by 10:47 a.m. in Tokyo, as every major Asian benchmark gauge retreated. Japan’s Topix index dropped 1.9 percent. Standard & Poor’s 500 Index futures added 0.2 percent after the U.S. gauge fell to a six-month low. The won gained 0.4 percent. Japan’s 10-year bond yield dropped and Treasuries (USGG10YR) rose an eighth day as investors pushed out the estimate for when the Federal Reserve will raise rates. Oil in New York fell 1 percent to $80.97.
Euro-area inflation data is due today after a selloff in Greek securities and a cut to Germany’s growth forecasts stirred memories of the bloc’s sovereign-debt crisis. Asian bond risk surged before China releases lending data amid concern that the country’s housing market is contracting. A bigger-than-expected drop in U.S. retail sales ignited concern over the impact of the global slowdown on the world’s biggest economy.
Bloomberg
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