August 23, 2013

Asian Stocks Rise, Paring Weekly Slide, on Economic Data

From Bloomberg (today): The MSCI Asia Pacific Index advanced 0.8% to 130.70 as of 9:28 a.m. in Tokyo as all 10 industry groups on the gauge climbed.

The Asia-Pacific gauge fell 3.5% this week through yesterday amid concern emerging-market economies are slowing and that the Federal Reserve will reduce its stimulus program, known as quantitative easing.

The Asia-Pacific gauge has erased almost all this year’s gains, lagging a 15% surge in the S&P 500 Index as growth slows in China and speculation that the Fed will curb stimulus spurred investors to sell assets across Asia and emerging markets.

Indonesia’s Jakarta Stock Index has led declines among Asian developing markets this week, losing 8.7% through yesterday after worse-than-estimated economic data and a report showing the nation’s current-account deficit widened to a record in the second quarter. - WealthSec