Business Maverick: Asian stocks head for fifth consecutive weekly drop: markets wrap

Shares fell in Japan, Australia and Hong Kong after the S&P 500 Index closed at its lowest level in about two months. Mainland China equities also slumped. China house prices accelerated their decline last month while industrial production and retails sales in August were better than expected.

The offshore yuan remained on the weaker side of 7 to the dollar, with little impact from the People’s Bank of China setting the reference rate for the currency stronger-than-expected for a 17th consecutive day. The greenback fluctuated and policy-sensitive two-year Treasury yields held around the highest since 2007. The latest US economic data painted a mixed picture for the economy that backed the view for hawkish monetary policy.

The market weakness follows data showing applications for US unemployment insurance fell for a fifth straight week, suggesting demand for workers remains healthy. Retail sales indicated spending on goods is . Other figures showed factory production rose slightly in August while total industrial production, including mining and utilities, fell. University of Michigan data on Friday will be parsed for clues on inflation expectations.

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