Asian Stocks, Currencies Fall on Outlook for Economic Recovery

[TwixVoy]

Source: Bloomberg

Feb. 4 (Bloomberg) -- Asian stocks and currencies fell on concerns the region’s economic recovery may be derailed after Australian retail sales unexpectedly fell and New Zealand’s jobless rate rose to the highest level in more than 10 years.

The MSCI Asia Pacific Index lost 0.9 percent to 117.44 as of 5:05 p.m. in Tokyo. The Australian dollar dropped to a six- week low, the New Zealand currency slid to the weakest since September, and South Korea’s won declined for the first time in three days. Futures for the Standard & Poor’s 500 Index fell 0.3 percent. The Dow Jones Stoxx 600 rose 0.1 percent to 249.61.

Australian retail sales decreased for the first time in five months and New Zealand’s unemployment soared to 7.3 percent in the fourth quarter. The data raised investors’ concerns that the Asian benchmark stock index’s 34 percent gain last year won’t be sustained as economic growth slows.

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