Asian Stocks Dragged Down By US Tech Stocks

Asian stocks slid, pushing the regional index down the most in three weeks, while emerging-market and commodity currencies weakened as a renewed selloff in U.S. technology shares cut demand for riskier assets. Nickel extended its longest rally since 2010.

The MSCI Asia Pacific Index sank 1 percent by 9:54 a.m. in Tokyo, its biggest drop since March 20. Fast Retailing Co. drove a 2.6 percent tumble in Japan’s Nikkei 225 Stock Average, which is headed for the steepest weekly drop among developed markets. Standard & Poor’s 500 Index futures rose 0.1 percent. The yen held gains as peers from Australia to Malaysia weakened. The lira depreciated as Moody’s Investors Service cut Turkey’s credit outlook. Nickel climbed a 10th day while copper dropped.

The biggest winners of the U.S. bull market took a renewed hit in New York, as the Nasdaq Composite Index slid the most since 2011 with earnings season under way. China is projected to report faster inflation today and a drop in producer prices after posting unexpected trade declines yesterday amid concern over the outlook for Asia’s largest economy. The Bank of Japan issued minutes of its March meeting today, while India is expected to report faster growth in factory output for February.

Bloomberg

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