Asian Stocks Head for Third Weekly Drop in Broad Market Selloff

Asian stocks followed U.S. shares lower, with the benchmark index headed for a third weekly decline, as consumer-discretionary and material shares led losses in a broad regional selloff.

The MSCI Asia Pacific Index fell 1.1 percent to 124.99 as of 9:05 a.m. in Tokyo, with all 10 industry groups dropping, as the measure headed for a 1.1 percent loss this week. An element of anxiety has returned to financial markets, with the yen gaining past 109 per dollar, minutes from the Fed’s March meeting emphasizing concern over the global economy and International Monetary Fund chief Christine Lagarde signaling the organization is likely to lower its outlook for world growth.

Source: Bloomberg