The Phaserl


“More than $2.5 trillion has been erased since Ben Bernanke said…”

by John Rubino,

Asian Stocks Slip on World Bank as Kiwi Drops; Yen Gains

Asian equities dropped, with the region’s benchmark index headed toward a correction, and the yen rose to the strongest in two months against the dollar after the World Bank cut its global growth forecast amid concern central banks may pare monetary stimulus. New Zealand’s currency weakened.

The MSCI Asia Pacific Index tumbled 2.6 percent at 11:16 a.m. in Tokyo, erasing this year’s gains. Japan’s Topix Index sank 4.1 percent and the Shanghai Composite Index declined 3.1 percent after a three-day break. Standard & Poor’s 500 Index futures slid 0.4 percent after the gauge retreated for a third day in New York. The yen gained at least 1.1 percent against its 16 major peers, reaching 94.45 per dollar, the strongest since April. The so-called kiwi weakened 0.8 percent. Wheat and rubber dropped, while metals rose. Bond risk in Asia climbed.

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