Asian Stocks Plunge as Markets Turn Down on Risk – Asia Market Wrap

Asian equities and currencies fell as economic and geopolitical worries outweighed the market’s optimism about interest rate decreases.

The MSCI Asia Pacific Index plummeted more than 1%, marking its largest weekly decrease in three months. Chinese stocks in Hong Kong led the region’s losses as the Third Plenum failed to persuade investors of the economy’s renewed growth potential. US futures climbed higher after the S&P 500 sank for the second consecutive session on Thursday.

Asian currencies fell against the Dollar during the markets selloff, with the Taiwanese Dollar reaching its lowest level in more than 8 years. Chip stocks fell further in Asia amid fears that the US may impose new restrictions on sales to China. TSM shares declined for the third consecutive day.

Treasury yields were barely changed after the 10-year yield jumped four basis points to 4.20% on Thursday. Following a dip on Thursday, the Yen held steady against the Dollar. Japan’s inflation numbers for June came in lower than expected. The Dollar index maintained its gains from the previous session.