Asian stocks fell, paring the biggest rally in a month for the regional benchmark index yesterday, as data showed a slowdown in U.S.and Chinese manufacturing and investors weighed the prospect of a recession in Russia.
The MSCI Asia Pacific Index dropped 0.1 percent to 134.19 as of 11:09 a.m. inTokyo after rising 1.2 percent yesterday, the steepest gain since Feb. 21. Six of the 10 industry groups on the gauge fell. Banks warned Russia’s economy is at risk of shrinking as the world’s leading industrial powers threaten further sanctions to deter it from invading other parts of Ukraine after the annexation of Crimea.All major index's in Asia are in the red.
The MSCI Asia Pacific Index dropped 0.1 percent to 134.19 as of 11:09 a.m. inTokyo after rising 1.2 percent yesterday, the steepest gain since Feb. 21. Six of the 10 industry groups on the gauge fell. Banks warned Russia’s economy is at risk of shrinking as the world’s leading industrial powers threaten further sanctions to deter it from invading other parts of Ukraine after the annexation of Crimea.All major index's in Asia are in the red.