Economic news

Asian stocks slump amid concerns over Republican tax overhaul package

Asian stocks decline on Friday but were still on course for a weekly rise, as invertors' mood was hurt by Wall Street’s fall on worries over the progress of U.S. tax reform.

MSCI’s broadest index of Asia-Pacific shares lost 0.5 percent, but set to advance 0.7 percent for the week.

Japan's Nikkei stock index slipped 0.1 percent, losing 0.6 percent for the week, despite fresh signs of the strong economy.

Australian shares dropped 0.2 percent and the Kospi index inched up 0.5 percent.

Hong Kong’s Hang Seng Index fell 1.2 percent and the Shanghai Composite Index slumped 0.7 percent.

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