Asian stocks battle amid trade worries

A pedestrian walks past an electronics stock indicator at the window of a securities company in Tokyo on October 1, 2018. Picture: Martin BUREAU / AFP

South Korea’s market was off 0.4% after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years, as uncertainties from a trade dispute with Japan added to anxiety about the economy’s outlook. The Dow Jones Industrial Average fell 0.4%, the S&P 500 lost 0.7% and the Nasdaq Composite dropped 0.5%.

US home-building fell for a second straight month in June and permits dropped to a two-year low, suggesting the housing market continued to struggle despite declining mortgage rates. The euro also was nearly flat at $1.1238 after crawling up marginally 0.1% on Wednesday. The greenback fell 0.2% to ¥107.72, extending an overnight loss of 0.3%.Sterling was steady at $1.2437 after stumbling to $1.2382 overnight, its lowest level since April 2017 on concerns of a no-deal Brexit.

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