Asian markets stumble amid concern that US-China deal falling apart

Pedestrians walk past a stock indicator showing share prices of the Tokyo Stock Exchange in Tokyo on May 7 2019. Picture: AFP/KAZUHIRO NOGI

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.75%, stooping to its lowest level since late March.Australian stocks declined 0.6%, South Korea’s Kopsi fell 0.5% and Japan’s Nikkei was down 1.6%. “From an equity market perspective, the immediate focus is on the two-day talks scheduled to take place between the US and Chinese officials,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Benchmark 10-year yields on US treasuries, German bunds and Japanese government bonds sank to one-month lows.In currency markets, the dollar declined for the fourth day and touched a six-week low of ¥110.09. The New Zealand dollar was down 0.5% at $0.6560 after the country’s central bank cut interest rates to 1.5% from 1.75% on Wednesday. The kiwi had earlier dropped to $0.6525, its lowest since November 2018.The Aussie was on the front foot after the Reserve Bank of Australia kept its policy interest rate unchanged at 1.5% on Tuesday, defying expectations for a cut.

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