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Asian stocks continue its decline in line with global stocks selloff, while crude oil prices nearly achieved its one-month low.
MSCI Asia Pacific Index had a seven-week drop after S&P 500 Index had losses during its eight day. Since 2008, this is the longest slide from the US benchmark.
As of November 4, 2016 at 11:10 A.M. in Tokyo, MSCI Asia Pacific Index dropped at 0.8 percent alongside affected 10 industry groups. After holiday-related closure of Japan markets, Topix index dropped by 1.7 percent on Thursday.
S&P 500 Index climbed at 0.1 percent before Friday-due payrolls, which may influence the interest rates outlook. During the last session, U.S. shares fell when New York Times/ CBS poll showed Clinton leading the poll by 45 percent against Trump’s 42 percent. Additionally, Washington Post/ ABC News tracking poll since last week showed Clinton leading within the error margin at 47 percent against 45 percent for Trump.
The pound drew closer its four-week high following Bank of England’s announcement of this year’s absented anticipation of interest rates cut. The declaration came along the UK’s need to hold a Parliament vote before Brexit countdown. Sterling had a 2.3 percent recovery, which is its best performance in eight months.
Bloomberg Dollar Spot Index had a 0.8 percent loss in a week, whereas Swiss franc, yen, and euro strengthened by a percent this week.
In the Asia-Pacific region, New Zealand’s dollar retained its position as the best performer with a current gain of 2.2 percent. This climb is the highest since July, which is attributed by data of strong jobs.
In New York, crude oil prices decreased to $44.82 a barrel, which is a 0.4 percent plunge. This week, it has lost 8 percent, making the plunge worst in record since February as US stockpiles increased.
Since July, gold rose the most by 2.1 percent this week. On Wednesday, it reached $1,308.02 an ounce, which is a 30-day highest value. Along with it, sovereign bonds from developed countries had a 1.5 percent four-day increase.
This week, the 10-year U.S. Treasuries yield dropped to 1.80 percent, which is a fall of five basis points. Current yield rate in Japan dropped to minus 0.065 percent, a decline of one and a half basis points.