Economic news

Asian stocks drift lower as markets price risk

Asian stocks pulled back from a 2-1/2 month peak on Friday as investors rediscovered how to price risks amid rising expectation on ending of massive monetary stimulus in Europe.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares dropped 0.5 percent after six successive sessions of rise push it to the top since mid-March.

Chinese shares sank, with the blue-chip Shangai-Shenzhen index .CSI300 lost 0.6 percent. Hong Kong's Hang Seng dipped 0.7 percent while South Korea's KOSPI shed 0.4 percent.

Japan's Nikkei and Australian stocks were virtually flat.

The European Central Bank has a policy meeting next week, at which a decision on ending of bond purchases later this year is widely expected.

Group of Seven summit starts on Friday in Charlevoix, Quebec. Trade problems such as U.S. import tariffs on steel and aluminum will be the main issue of the discussion.

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