Asian stocks dropped, pushing the regional gauge toward its biggest weekly slump since June as the outlook forChina’s economy worsened and Crimea prepared to vote on seceding from Ukraine. The Korean won led declines in emerging-market currencies while gold and silver climbed.
The MSCI Asia Pacific Index sank 1.2 percent by 9:54 a.m. in Tokyo, set for its lowest close since Feb. 10 and a 3 percent drop in the week, the first decline in more than a month. The Nikkei 225 Stock Average slid 2.4 percent, posting the worst weekly drop among developed markets. Standard & Poor’s 500 Index futures rose 0.2 percent after the U.S. gauge erased 2014 gains. The won touched a 1 1/2-week low as the Malaysian and Thai currencies slipped. Gold advanced to a six-month high.
Australia’s S&P/ASX 200 Index sank 1.5 percent today for its steepest one-day drop in five weeks. The country counts China as its biggest trading partner. The Kospi Inde in Seoul lost 0.5 percent, bringing its first weekly decline in a month to 0.3 percent.
The won lost 0.2 percent to 1,071.48 per dollar after earlier dropping to the weakest intra day level since March 4. South Korea’s currency is down 1 percent this week, the biggest drop among 12 Asian currencies tracked by Bloomberg. The Malaysian ringgit weakened 0.3 percent to 3.2822 a dollar as the Thai baht lost 0.1 percent.Japanese Yen, was little changed at 101.84 per dollar today, after climbing 0.9 percent in the previous session.
The MSCI Asia Pacific Index sank 1.2 percent by 9:54 a.m. in Tokyo, set for its lowest close since Feb. 10 and a 3 percent drop in the week, the first decline in more than a month. The Nikkei 225 Stock Average slid 2.4 percent, posting the worst weekly drop among developed markets. Standard & Poor’s 500 Index futures rose 0.2 percent after the U.S. gauge erased 2014 gains. The won touched a 1 1/2-week low as the Malaysian and Thai currencies slipped. Gold advanced to a six-month high.
Australia’s S&P/ASX 200 Index sank 1.5 percent today for its steepest one-day drop in five weeks. The country counts China as its biggest trading partner. The Kospi Inde in Seoul lost 0.5 percent, bringing its first weekly decline in a month to 0.3 percent.
The won lost 0.2 percent to 1,071.48 per dollar after earlier dropping to the weakest intra day level since March 4. South Korea’s currency is down 1 percent this week, the biggest drop among 12 Asian currencies tracked by Bloomberg. The Malaysian ringgit weakened 0.3 percent to 3.2822 a dollar as the Thai baht lost 0.1 percent.Japanese Yen, was little changed at 101.84 per dollar today, after climbing 0.9 percent in the previous session.