Asian Stocks Fall as Investors Weigh Greece Standoff, Await Fed

Asian stocks fell as investors awaited an update from the Federal Reserve on U.S. monetary policy and a meeting of euro-area finance ministers with Greece.

The MSCI Asia Pacific Index retreated 0.1 percent to 147.26 as of 9:01 a.m. in Tokyo. The gauge lost 0.5 percent on Monday after the latest round of negotiations between Greece and its creditors fell apart. The Fed starts a two-day policy meeting Tuesday. While U.S. data from hiring to spending have indicated the economy improved after a first-quarter slump, reports Monday showed an unexpected decline in factory output.

European policy makers urged Greece to make the concessions needed to unlock bailout aid, with a June 18 meeting of finance ministers the next opportunity for a showdown between the nation and its creditors.

Japan’s Topix index lost 0.4 percent. South Korea’s Kospi index added 0.1 percent and Australia’s S&P/ASX 200 Index was little changed. New Zealand’s NZX 50 Index slid 0.1 percent.

Source : Bloomberg


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