Asian stocks hit 9-month lows on worries over China, US rates

Singapore, Aug 17 (BNA): Asian shares sank to nine-month lows on Thursday, while the dollar was at a two-month peak as fears over China’s sluggish economic recovery and concerns that the Federal Reserve may still raise interest rates rattled investors.


MSCI’s broadest index of Asia-Pacific shares outside Japan slid to 495.03, its lowest since November 29, before clawing back some of its losses to trade 0.49% lower at 500.43. The index down about 8% for August and set for its worst monthly performance since September, Reuters reported.


The dark mood is set to continue in Europe with Eurostoxx 50 futures down 0.51%, German DAX futures down 0.55% and FTSE futures 0.35% lower.


The pan-European STOXX 600 hit a fresh one-month low on Thursday, weighed down by luxury companies that are exposed to Chinese consumer demand.


China stocks have been in the doldrums in the past few weeks as a series of economic data has laid bare the stuttering post-pandemic recovery, with investors so far unimpressed with moves from policymakers and clamouring for more stimulus.


On Thursday, China’s blue-chip CSI 300 Index was flat, while Hong Kong’s Hang Seng Index was 0.12% lower after hitting a near nine-month low earlier in the session.





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