Asian Stocks Join Global Selloff as Commodity Producers Retreat
This article is for subscribers only.
Asian stocks joined a global selloff as concern about turmoil in the credit and commodities markets ahead of this week’s Federal Reserve meeting overshadowed a batch of better-than-expected Chinese economic data.
The MSCI Asia Pacific Index dropped 1.3 percent to 127.78 as of 4:01 p.m. in Hong Kong, falling for a fifth day in its longest stretch of declines since the measure’s August slump. The Standard & Poor’s 500 Index sank 1.9 percent on Friday as crude traded below $36 a barrel and asset managers were routed after a high-yield mutual fund suspended redemptions. Traders see a 74 percent chance the Fed will increase rates on Dec. 16, futures show.