Asian stocks plummeted following US equities lost ground despite mixed company earnings, as drugmakers and finance shares headlined losses on the regional benchmark gauge.
The MSCI Asia Pacific Index, which rallied 8% this month through Tuesday, dropped back 0.1% to 133.59. Japan’s Topix index slipped 0.1%, while South Korea’s Kospi index was slightly changed. Hong Kong markets are closed today for a holiday.
I cannot see any huge moves in either direction until the third quarter US earnings season ends and we “ get some more clarity from the Fed,” said Evan Lucas, Market Strategist at IG Ltd.
A futures data showed the likelihood of the Federal Reserve raising the interest rate this month is now 6% and around 32% for December.
The material has been provided by InstaForex Company – www.instaforex.com