Asia Stocks Fall Amid China Property Concerns, OPEC Rally FadesBy
Chinese shares fall amid concerns about the property market
Oil jumped as non-OPEC countries joined pledge to cut output
Asian stocks fell, reversing early gains spurred by a boost in oil prices, as worsening concern about the outlook for China’s property market prompted a selloff in Chinese shares.
The MSCI Asia Pacific Index fell 0.5 percent to 137.69 as of 4:14 p.m. in Hong Kong, led by information technology and finance companies. The gauge had climbed as much as 0.4 percent in morning trading. Eight of the 11 primary groups declined after the index on Friday capped its biggest weekly advance since September.
- Shanghai Composite Index slumped 2.5%, the most in six months, and Hang Seng Property Index fell 2.1% after China Vanke Co.’s president predicted home sales will drop “significantly” in the coming year
- Oil jumped as much as 5.8% in New York after Russia and other unaffiliated nations joined an OPEC pledge to reduce production; Saudi Arabia said it will cut output more than previously agreed
- MSCI Asia Pacific Energy Index pared early gains after touching its highest intraday level since August 2015
- Major Asian stock indexes: Nikkei 225 rose 0.8%, Topix up 0.4%, S&P/ASX 200 little changed after erasing earlier advance, Hang Seng Index dropped 1.4%, Shanghai Composite fell 2.5%, Shenzhen Composite declined 4.9%
- Later this week: Federal Reserve officials announce a policy decision Wednesday U.S. time with futures traders fully pricing in a boost to borrowing costs; investors will be watching whether Trump’s election win will affect the Fed’s outlook for rate increases next year
For more Asia stock market news:
- These Foreign Funds Stand by South Korea Amid Political Turmoil
- SoftBank, Tokyo Electron Help Nikkei 225 Toward 2016 Gain: Chart
- Gree, Midea Are Most Popular Trades Through Shenzhen Stock Link