Asian stocks fell, erasing last week’s gains in the benchmark index, bond yields climbed and emerging market currencies weakened against the dollar after a U.S. jobs report added to the case for the Federal Reserve to reduce economic stimulus. European stock-index futures rose.
The MSCI Asia Pacific Index slid 1.6 percent by 7:06 a.m. in London. Euro Stoxx 50 Index contracts gained 0.5 percent while Standard & Poor’s 500 Index (SPX) futures were little changed. Australia’s 10-year bond yield climbed nine basis points to 3.91 percent, and the rate on similar maturity Japanese bonds increased after U.S. Treasuries slumped on July 5. South Korea’s won lost 0.9 percent and India’s rupee sank to a record as the Dollar Index touched a three-year high. Silver and copper fell.
U.S. employers added more workers than economists expected in June, July 5 data showed, stoking expectations the Fed will be able to taper asset purchases that prompted capital flows into emerging markets. The dollar is extending gains that have made it the best performing major currency this year as the combination of improving U.S. economic indicators and looser monetary policy from Europe to Japan burnish its allure.
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Asian Stocks Fall As US Dollar Gains
Published 07/08/2013, 03:14 AM
Updated 07/09/2023, 06:31 AM
Asian Stocks Fall As US Dollar Gains
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