Vang SJC

Most Asian stocks dropped, following declines in U.S. shares, as materials and technology companies led losses.

About three shares fell for every two that rose on the MSCI Asia Pacific Index, which added less than 0.1 percent to 146.79 as of 9:05 a.m. in Tokyo. The measure, which closed yesterday at its highest since Sept. 9, has climbed 2 percent this week after the Federal Reserve said data suggest U.S. economic growth has moderated and officials indicated interest rates will rise at a slower pace than previously forecast. The Standard & Poor’s 500 Index slid 0.5 percent yesterday after rallying Wednesday on the Fed’s statement.

“A sense of reality returned to markets overnight after the post-FOMC shenanigans,” said Cameron Bagrie, chief economist in Wellington at ANZ Bank New Zealand Ltd. “The long-run outlook for gross domestic product and inflation in the U.S. is solid and there is still clear divergence on offer between the Fed and ECB and BOJ policy.”

While the policy makers at the Fed ponder when to begin raising interest rates, the European Central Bank and Bank of Japan continue with stimulus programs aimed at staving off deflation and igniting growth. Policy makers from Australia to South Korea have reduced borrowing costs this year as part of a global wave of monetary easing.

Japan’s Topix index slipped 0.1 percent. South Korea’s Kospi index was little changed and Australia’s S&P/ASX 200 Index added 0.1 percent. New Zealand’s NZX 50 Index rose 0.2 percent.

Futures on the FTSE China A50 climbed 0.3 percent in most recent trading in Singapore. Chinese stocks advanced for a seventh day on Thursday, sending the benchmark Shanghai Composite Index to its highest level since 2008, as gains by industrial companies offset losses in airlines.

E-mini contracts on the Standard & Poor’s 500 Index were little changed. The underlying gauge retreated Thursday as banks slid and energy companies slumped with the price of oil.

Source: Bloomberg

Linh Nhan