Most Asia Stocks Fall as China Weakens Yuan by Most in Two Years

Most Asian equities fell as China weakened its daily reference rate for the yuan by the most in two years. Chinese shares declined for a sixth day while equities in Japan headed for the biggest loss in more than week.

The MSCI Asia Pacific Index was little changed at 164.74 as of 11:02 a.m. in Hong Kong as about three stocks fell for every two that advanced, with utilities leading gainers and material companies pacing losers. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong headed for six-day drop, its longest losing streak in three weeks, while Japan’s Topix index retreated for a second day.

The yuan fell as much as 0.7 percent against the dollar in offshore trading after China set the daily reference rate to 6.7671.

Taiwan’s Taiex index +0.9%, South Korea’s Kospi index +0.1%, Kospi 200 +0.1%, Australia’s S&P/ASX 200 Index +0.4%, New Zealand’s S&P/NZX 50 little changed.

Straits Times Index +0.5%, Malaysia’s KLCI -0.4%, Philippine Stock Exchange Index -0.6%, Jakarta Composite -0.3%, Thailand’s SET +0.7%, Vietnam’s VN Index -0.3%.

Source: Bloomberg

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Japan Stocks Fall as Yen Strengthens After China Weakens Fixing

Japanese stocks declined as the yen strengthened against the dollar, following a slump in the yuan after China’s central bank weakened its daily reference rate for the currency by the most in two years.

Topix fell 0.3% at 1,744.85 as of morning break in Tokyo while Nikkei 225 lost 0.5% at 22,652.42. Yen at 112.45 per dollar; rose 0.4% on Thursday

The Japanese currency extended gains after strengthening 0.4 percent on Thursday following President Donald Trump’s criticism of the Federal Reserve’s interest-rate increase. Tech and machinery shares weighed on the Topix index as about two stocks fell for every one that rose. The Shanghai Stock Exchange Composite Index was headed for a weekly loss of 1.9 percent, extending its decline for 2018 to 16 percent.

Source: Reuters

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China stocks fall, airlines slump on yuan weakness

China stocks fell on Thursday, dragged by airliners, as the yuan dropped to a one-year low against the dollar after news that Beijing plans to step up monetary easing measures.

The blue-chip CSI300 index fell 0.1 percent, to 3,428.34, while the Shanghai Composite Index lost 0.5 percent to 2,772.55 points.

China’s central bank plans to introduce incentives that will boost the liquidity of commercial banks, helping them expand lending and increase investment in bonds issued by cooperates and other entities, a source with direct knowledge of the matter said on Wednesday.

Air carriers, including China Southern, China Eastern and Air China, slumped as a weaker yuan makes their heavy dollar borrowings more costly.

Source: Reuters

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