(Bloomberg) -- Asian stocks were mixed, with the benchmark index posting its biggest weekly decline since late March on concerns over the outlook for global trade.
The MSCI Asia Pacific Index fell 2.1 percent this week, the most since the week ended March 23. Japan’s Topix index slid 0.3 percent, while stocks in Hong Kong fell 0.2 percent. Philippine equities fell for a seventh day, driving the nation’s benchmark equities index deeper into a bear market.
“The sentiment on Asian markets has been badly hit by the escalating trade rhetoric between the U.S. and its trading partners,” said Jeffrosenberg Tan, head of investment strategy at PT Sinarmas Sekuritas. “Medium term, MSCI Asia Pacific will face huge challenges as euphoria over synchronized global growth has effectively been replaced by the doom of synchronized global tightening, rising protectionism, and greater future supply of U.S. Treasuries.”
The escalation of trade tensions between the U.S. and China is threatening global economic growth just as the Federal Reserve signaled a faster pace of policy tightening. While many are hoping for a truce before Chinese goods get hit with tariffs, President Donald Trump has shown no sign of backing down. Daimler AG’s profit warning revived trade angst, sending European and U.S. equities lower on Thursday.
- Topix index -0.3%, Nikkei 225 -0.8%
- Japan’s Topix Index Caps Worst Week Since March on Trade Concern
- UBS Upgrades Dai-ichi Life Amid $1.9 Billion Wipeout in Value
- Sony Financial Upgraded to Buy at UBS on ‘Undemanding’ Valuation
- Japan Machine Tool Stocks Fall as China Electronics Orders Drop
- Hang Seng Index +0.2%; Hang Seng Enterprises Index -0.2%; Shanghai Composite Index +0.5%
- Top Fund That Was Right on U.S.-China Trade War Is Boosting Cash
- Hong Kong Stock Outlook Worsens as Support Level Breaks: Chart
- U.S. Beating China in Trade Fallout, at Least in Equity Markets
- Taiex -0.4%
- Kospi index +0.8% and Kospi 200 +0.9%
- Kospi Stocks Lose Foreign Investors as Index Falls, Won Drops
- Kepco Jumps After Report Govt Considering Electricity Bill Hike
- S&P/ASX 200 -0.1%, New Zealand’s S&P/NZX 50 little changed
- S&P BSE Sensex +0.2%, NSE Nifty 50 +0.2%
- Straits Times Index -0.3, Malaysia’s KLCI +0.1%, Philippines Stock Exchange PSEi Index -0.5%, Jakarta Composite little changed; Thailand’s SET Index -0.3%, Vietnam’s VN-Index +1.4%
- Philippine Stocks May End Bear Spell This Year, Top Broker Says
- Philippine Stocks Sinks Deeper in Bear Market as Selloff Hastens
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