Most Asian stocks drop as Aussie bonds slide; India futures gain

Indian equity-index futures rallied with rupee forwards as votes were counted for state elections 

Financial shares led losses on MSCI’s Asian index as Westpac Banking Corp. slumped 1.6% in Sydney. Photo: AFP 

Wellington: Most Asian stocks declined, while 10- year Australian bond yields climbed to a two-year high. Indian equity-index futures rallied with rupee forwards as votes were counted for state elections.

About five stocks fell for every three that rose on the MSCI Asia Pacific Index, which declined less than 0.1% at 11:34 am in Tokyo. Standard & Poor’s 500 Index futures were little changed. Contracts on India’s SGX CNX Nifty Index advanced 1.4% as one-month rupee NDFs strengthened 0.7%. Australian 10-year yields increased eight basis points. A measure of global currency volatility climbed to the highest level in eight weeks, while gold declined.

US companies added 215,000 jobs in November, topping estimates, a private survey showed on Wednesday. Data on Friday is projected to show the nation’s unemployment rate fell to 7.2% to match the lowest level since 2008. The European Central Bank and Bank of England hold policy meetings on Thursday, while Federal Reserve officials meet 17-18 December. India’s main opposition party is poised to win four of the five state elections, an exit poll showed.

There’s uncertainty over whether the payrolls is a good one, and whether it’s enough to get the Fed over the line on the 18th, said Joseph Capurso, a Sydney-based currency strategist at Commonwealth Bank of Australia, the nation’s biggest lender, referring to the Fed meeting this month.

Amit pandey

PGDM-1ST

LIVEMINT