FTSE 100 LIVE: Asia stocks hindered by US China tensions as Wall Street decline takes toll
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Investors have been seeking safer harbour in assets such as the Japanese yen as worries over the economic recovery in China take over. Overnight data showed recovery in the US labour market stalling and Wall Street indexes fell for a second straight session. The S&P 500 ended down 0.84percent, and the Nasdaq dropped 1.27percent. The Nasdaq’s losses put the index down roughly 10p percent from a record high hit early in September and have it tracking for its worst month since March.
Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan looked set to end the week 1 percent ahead following two weeks of tech-led losses. It rose 0.2percent on the day while market moves around the region were small.
Japan’s Nikkei edged 0.1percent higher while US stock futures were soft, with S&P 500 futures down 0.2percent, though Nasdaq 100 futures turned positive by the middle of the Asia session to trade 0.07 percent higher.
“The bigger picture issue is that markets, particularly growth and tech stocks, have run very hard into the end of August, which has left them somewhat vulnerable,” said AMP Capital chief economist Shane Oliver.
“There’s uncertainty ahead of the US elections… China-US tensions keep creeping in and on top of that there’s now uncertainty about how the recovery will proceed from here in the absence of more stimulus in the US.”
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