SINGAPORE - Asian stocks slipped and investors bought dollars and yen on Tuesday in a drift toward safe-haven assets ahead of a raft of data that may determine how deeply the U.S. will cut interest rates later this month.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked 0.5% lower as falling profits weighed on China's banking sector. "We don't see any stress or indications that would necessitate a 50 basis point cut ... the question is how long will risk assets continue to rally?" The dollar rose about 0.2% to $1.1054 per euro and rallies in the Australian and New Zealand dollars paused for breath, with theIn Hong Kong, shares in property company New World Development slumped to a two-decade low after the company estimated a $2.6 billion loss for the year to June.