Asian Stocks Slide to Extend Monthly Loss Amid China Volatility
- Shanghai Composite index reverses 3.2% slump to close higher
- Investors await this week's ECB meeting and U.S. payrolls data
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Asian stocks fell as Chinese shares were whipsawed after their biggest one-day selloff in three months. Consumer-staple and utility companies led losses on the benchmark index at the start of a pivotal week for the region’s markets.
The MSCI Asia Pacific Index dropped 1 percent as of 7:10 p.m. in Hong Kong, headed for a monthly loss of 2 percent, its sixth such decline in seven months. The Shanghai Composite Index erased a loss of as much as 3.2 percent to close 0.3 percent higher, as a gauge of volatility traded near its highest level in two months. That follows a 5.5 percent plunge on Friday, its largest since the depths of a market rout in August, as regulators clamped down on brokerages.