The MSCI Asia ex-Japan Index — which captures 10 major markets across Asia, excluding Japan — has fallen 12.8% so far this month, on track to post the biggest drop since March 2020, when the Covid-19 pandemic had wreaked havoc on global markets. The index is also set to end the third quarter down nearly 14%. Among major stock markets, Hong Kong and South Korea have had the worst month so far, down 14% and 12% respectively.
But the offshore yuan, which trades more freely overseas, fell again on Friday. It traded at 7.108 per dollar around 1:15 a.m. eastern time. The Japanese yen and the Indian rupee also hit all-time lows this week. “The US dollar’s one way upward journey continues to drive safe-haven flows and keep concerns on Asian equities elevated,” said Manishi Raychaudhuri, head of Asia-Pacific Equity Research at BNP Paribas Securities in a research note this week.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nypost - 🏆 91. / 67 Read more »