Asian stocks fell after four consecutive sessions of gains as investors assessed news on global political tensions.
The MSCI Asia Pacific Index fell 0.2 percent to 166.27 as of 12:15 p.m. in Hong Kong after U.S. President Donald Trump accused China of undermining U.S. efforts to pressure North Korea into giving up its nuclear weapons. For every two stocks that fell, one rose. Gains in technology equities were offset by declines in telecom and financial stocks.
Asian markets might remain subdued for the rest of the year as China will prepare for slower growth but not lose face to the U.S., Gerard Lee, chief executive officer at Lion Global Investors Ltd, which oversees about $37 billion in assets under management said in an interview on Wednesday. "Trade war is not logical but Xi and Trump have big egos."
Source : Bloomberg