Asian Stocks Extend Weekly Decline as Investors Weigh Earnings

Asian stocks fell, extending their weekly decline, after the Bank of Japan quashed expectations for further stimulus and investors scrutinized earnings from PetroChina Co. to China Petroleum & Chemical Corp.

The MSCI Asia Pacific Excluding Japan Index retreated 0.3 percent to 416.93 as of 9:34 a.m. in Hong Kong, heading for a weekly loss of 1.5 percent and a 0.1 percent monthly decline. Stocks retreated this week as Japan’s central bank refrained from boosting monetary stimulus and earnings at companies from Canon Inc. to Oversea-Chinese Banking Corp. disappointed investors. Focus now turns to profit reports due from Citic Securities Co., China’s biggest brokerage, and Chinese manufacturing data due at the weekend. Japan’s market is closed Friday for a holiday.

Source : Bloomberg

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Asian Stocks Extend Week Drop Amid Oil Retreat, China Outlook

Asian stocks dropped, extending losses for the week, as oil retreated after worsening economic data from China renewed concern over the outlook for global growth.

The MSCI Asia Pacific Index slipped 0.5 percent to 124.93 as of 5:01 p.m. in Tokyo. After a three-week rally that restored almost $ 5 trillion to the value of global equities, a sense of uncertainty seems to be returning to markets in the wake of data reinforcing Japan’s economic woes and a sustained drop-off in trade for China. That concern may raise the stakes as investors await a monetary policy review from the European Central Bank on Thursday, with meetings of the Bank of Japan and Federal Reserve due the following week.

Source: Bloomberg

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