Asian Stocks Fall to Pare Weekly Gain as Investors Weigh Greece

Asian stocks fell, trimming the regional benchmark index’s weekly advance, as investors weighed prospects for Greece after days of talks failed to yield a breakthrough in its debt crisis.

The MSCI Asia Pacific Index lost 0.2 percent to 149.02 as of 9:02 a.m. in Tokyo, paring this week’s gain to 1.3 percent. Finance ministers couldn’t reach an agreement on Thursday in Brussels, with talks reconvening Saturday ahead a debt-payment deadline for Greece expiring next week. The meeting will mark the fifth time finance chiefs in the currency union have gathered on the country’s debt stalemate in a week.

Japan’s Topix index fell 0.3 percent. The central bank’s key measure of inflation rose 0.1 percent in May from a year earlier, data showed, while household spending increased more than economists expected.

Australia’s S&P/ASX 200 Index slid 0.5 percent, while New Zealand’s NZX 50 Index gained 0.4 percent. South Korea’s Kospi index added 0.2 percent.

Markets in Hong Kong and China are yet to open. The Shanghai Composite Index slumped 3.5 percent on Thursday in volatile trading, led by technology companies, after traders sold shares purchased with borrowed money for a third day.

E-mini futures on the Standard & Poor’s 500 Index were little changed today. The underlying measure dropped 0.3 percent on Thursday, while the Stoxx Europe 600 Index lost 0.2 percent.

Source: Bloomberg

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