Asian Stocks Tumble Toward 3Yr Low as China Angst Fuels Rout
Sept 29, 2015 11:43:49 GMT 7
rgs2001uk likes this
Post by Fletchsmile on Sept 29, 2015 11:43:49 GMT 7
Asian Stocks Tumble Toward 3-Year Low as China Angst Fuels Rout
The selloff in global equities deepened in Asia, with regional stocks sliding toward an almost three-year low amid a commodity rout fueled by mounting concerns over China. Bonds climbed with the yen as spiking volatility fed demand for haven assets.
Japanese shares fell to their lowest level since February, while equities in Australia slid to a more than two-year low as anxiety over China’s impact on the global economy puts the MSCI All-Country World Index on track for its worst quarter since 2011. Commodity-linked currencies sank as nickel and copper extended declines, while U.S. oil lingered near a two-week low. Australian bonds tracked Treasury gains as the yen climbed a second day.
Markets have been whipsawed the past two months as anxiety over China’s economy, which has been stumbling despite stimulus efforts, bubbles under the surface. Glencore Plc. is the latest victim of the slowdown, with its value slashed by about a third Monday amid concern over the commodity trader’s debt and waning raw materials demand. While the Federal Reserve cited the turmoil as a reason to hold off on raising interest rates this month, officials have been ramping up rhetoric in support of a 2015 hike, a move that will likely hit emerging-market assets as their economies falter.
“I’m expecting some continued turbulence in the market,” John Carey, a fund manager at Pioneer Investment Management Inc. in Boston, which oversees $244.1 billion globally,, told Bloomberg TV. “In the near term, one needs to be careful. The world economy is soft in places and there are risks out there.”
contd.
www.bloomberg.com/news/articles/2015-09-28/asian-futures-signal-more-losses-as-markets-roiled-bonds-climb
The selloff in global equities deepened in Asia, with regional stocks sliding toward an almost three-year low amid a commodity rout fueled by mounting concerns over China. Bonds climbed with the yen as spiking volatility fed demand for haven assets.
Japanese shares fell to their lowest level since February, while equities in Australia slid to a more than two-year low as anxiety over China’s impact on the global economy puts the MSCI All-Country World Index on track for its worst quarter since 2011. Commodity-linked currencies sank as nickel and copper extended declines, while U.S. oil lingered near a two-week low. Australian bonds tracked Treasury gains as the yen climbed a second day.
Markets have been whipsawed the past two months as anxiety over China’s economy, which has been stumbling despite stimulus efforts, bubbles under the surface. Glencore Plc. is the latest victim of the slowdown, with its value slashed by about a third Monday amid concern over the commodity trader’s debt and waning raw materials demand. While the Federal Reserve cited the turmoil as a reason to hold off on raising interest rates this month, officials have been ramping up rhetoric in support of a 2015 hike, a move that will likely hit emerging-market assets as their economies falter.
“I’m expecting some continued turbulence in the market,” John Carey, a fund manager at Pioneer Investment Management Inc. in Boston, which oversees $244.1 billion globally,, told Bloomberg TV. “In the near term, one needs to be careful. The world economy is soft in places and there are risks out there.”
contd.
www.bloomberg.com/news/articles/2015-09-28/asian-futures-signal-more-losses-as-markets-roiled-bonds-climb
