SINGAPORE — Shares in Asia-Pacific declined in Thursday morning trade, as the International Monetary Fund on Wednesday downgraded its growth forecast for Asia-Pacific.
In Japan, the Nikkei 225 dipped 0.78% while the Topix index fell 1.19%. Shares of ANA Holdings dropped more than 4% following reports that the airline is set to post multi-billion dollar losses for the fiscal year to March. Japan Airlines also saw its stock decline 2.94%.
Mainland Chinese stocks were also lower, with the Shanghai composite down 0.83%. The Shenzhen component shed 0.874%. Hong Kong's Hang Seng index also dipped 0.26%.
South Korea's Kospi declined 0.72%. Shares in Australia fell, with the S&P/ASX 200 down 0.57%.
MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.56% lower.
The IMF on Wednesday downgraded its forecast for Asia-Pacific to -2.2% in 2020 — "the worst outcome for this region in living memory."
"Our latest Regional Economic Outlook shows that a recovery started in the third quarter, but growth engines are not all firing with the same power across countries, leading to a multispeed recovery," Jonathan D. Ostry, acting director of the Asia and Pacific Department at the IMF, wrote in a blog post.
Overnight stateside, stocks dipped as investors continued to watched for developments in U.S. coronavirus stimulus negotiations. The Dow Jones Industrial Average slipped 97.97 points, or 0.4%, to closwe at 28,210.82. The S&P 500 declined 0.2% to finish its trading day at 3,435.56 while the Nasdaq Composite shed 0.3% to close at 11,484.69.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 92.785 after slipping from levels above 93.2 earlier this week,
The Japanese yen traded at 104.73 per dollar following a steep strengthening from levels above 105 against the greenback yesterday. The Australian dollar changed hands at $0.7094 after touching an earlier high of $0.7119
Oil prices dipped in the morning of Asian trading hours, with international benchmark Brent crude futures down 0.5% to $41.52 per barrel. U.S. crude futures shed 0.65% to $39.77 per barrel.
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October 22, 2020 at 06:43AM
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Asia-Pacific markets lower as IMF downgrades growth forecast for the region - CNBC
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