Asian Shares Erase Year’s Gain, Heading for Correction
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Asia’s biggest equity selloff in three weeks erased this year’s gains in the regional stock index and sent gauges in Tokyo and Hong Kong into bear markets. Futures pointed to a rebound in Japan as Nomura Holdings Inc. and Fidelity Investments said to buy.
The MSCI Asia Pacific Index lost 2.2 percent yesterday, extending its drop since its 2013 high on May 20 to more than 10 percent, as all 10 industry groups fell. The Hang Seng China Enterprises Index slid 2.7 percent, and the Nikkei 225 tumbled