MSCI’s broadest index of Asia-Pacific shares lost 0.4 percent to 428.2 after dipping to 427.4 , the lowest since April 2020.
However, Chinese stocks fell further on Tuesday after Xi Jinping’s new leadership team raised worries that a more powerful Party leadership will increasingly prioritise the state at the cost of the private sector. Sentiment had already been affected by delayed data on gross domestic product showing the Chinese economy grew 3.9 percent in the third quarter, beating forecasts of 3.5 percent, but retail sales disappointed with a meagre rise of 2.5 percent.China’s onshore yuan slid to a near 15-year low, after the central bank set the lowest mid-point since 2008 following Monday’s sell-off in Chinese assets.
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