Asian index futures fell, pacing
declines in U.S. stocks, while emerging-market currency forwards
weakened before data expected to confirm a slowdown in Chinese
manufacturing. The yen and gold maintained gains after the Federal
Reserve pressed on with cuts to economic stimulus.Nikkei 225 Stock Average futures were
bid 2.6 percent lower by 8:05 a.m. in the Osaka pre-market. Australia’s
S&P/ASX 200 Index slid 1.1 percent while Standard & Poor’s 500
Index futures added 0.2 percent after the gauge sank to a two-month low.
One-month non-deliverable forwards on the South Korean won, Malaysian
ringgit and Indian rupee fell at least 0.3 percent with the yen steady
after yesterday’s 0.6 percent gain. Gold was little changed after last
session’s 0.8 percent jump.The Fed said it will trim monthly bond
purchases to $65 billion, sticking to a plan for a gradual withdrawal
from its unprecedented easing policy. Turkey doubling interest rates and
South Africa unexpectedly increasing borrowing costs failed to assuage
concern over emerging markets and a slowdown in China, where a private
gauge today may confirm signs that manufacturing is contracting in
Asia’s largest economy. Japan reports on retail sales while the
Philippines posts economic growth.
