China Shares Close at Lowest Since March 2016 as Yuan Declines

The Shanghai Composite Index extended its decline deeper into a bear market Thursday, closing at the lowest since March 2016 as the yuan also weakened.

The benchmark fell 0.9 percent to 2,786.896 points, sliding for a fourth day in a row and closing below the 2,800 level for the first time in two years. It is now down 22 percent from a January peak. The yuan fell 0.21 percent to 6.6160 per dollar as of 3:08 p.m. local time, heading for its weakest level since December. Stocks in Shenzhen also declined.

The selloff has shown little sign of abating as a trade dispute with the U.S., weaker-than-expected economic data, the sliding yuan, and concern over liquidity and defaults bruise sentiment. A gauge of Chinese stocks in Hong Kong joined the Shanghai index in bear market territory yesterday and extended its decline Thursday, dropping 1 percent.

Source: Bloomberg

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Asia Stocks Post Worst Weekly Loss Since March Amid Trade Risks

Asian stocks were mixed, with the benchmark index posting its biggest weekly decline since late March on concerns over the outlook for global trade.

The MSCI Asia Pacific Index fell 2.1 percent this week, the most since the week ended March 23. Japan’s Topix index slid 0.3 percent. Philippine equities fell for a seventh day, driving the nation’s benchmark equities index deeper into a bear market.

Taiex -0.4%, Kospi index +0.8% and Kospi 200 +0.9%, S&P/ASX 200 -0.1%, New Zealand’s S&P/NZX 50 little changed.

Straits Times Index -0.3, Malaysia’s KLCI +0.1%, Philippines Stock Exchange PSEi Index -0.5%, Jakarta Composite little changed; Thailand’s SET Index -0.3%, Vietnam’s VN-Index +1.4%.

Source: Bloomberg

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Asia Stocks Extend Drop in Worst Week Since March

Asian stocks fell, extending the worst week for regional equities since late March, amid concern global trade restrictions will curb growth. Treasuries pared gains and oil prices rose as OPEC moved closer to a deal on output.

The MSCI Asia Pacific Index fell 0.8 percent as of 10:54 a.m. Tokyo time.

A drop in Japan’s Topix index brought the week’s decline to almost 3 percent, while equities also fell in China and Hong Kong. Australian shares outperformed. The S&P 500 Index closed lower and the Dow Jones Industrial Average posted its eighth straight drop after the Supreme Court ruled states can collect sales tax from online retailers, rattling Amazon.com and EBay. The dollar steadied while West Texas oil rose above $ 66 as OPEC and its allies reached a preliminary agreement despite strong opposition from Iran to boost production.

Source : Bloomberg

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