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    Asia Stocks Fall Most in Two Weeks as Dollar Climbs, Gold Drops

    (June 9 Bloomberg) Caution prevailed in Asia on Friday, with stocks slumping and the dollar climbing, as investors girded themselves for potentially seismic events this month including Britain's referendum on European Union membership and the Federal reserve meeting.

    The MSCI Asia Pacific Index headed for its steepest loss since may 24 and paring a third weekly gain. Commodity producers led losses after industrial metals sold off on Thursday, while gold fell for the first time in three days and U.S. crude oil held below $51 a barrel. A gauge of the greenback's strength advanced for a second day, while demand for havens boosted debt, with 10-year Japanese yields falling to a record low.

    "The the next two weeks there is the Fed and Bank of Japan meetings, the U.K. Brexit referendum, Yellen testifying to Congress, U.S. May retail sails and CPI," David Croy, a senior rates strategist in Wellington at ANZ Bank New Zealand Ltd., said in a note to clients. "The market is very dovish on the Fed, and the risk to current positioning is that the Fed Open Market Committee comes out more balanced with two rate hikes as a central case for the second half. That thinking may have been behind the less gun-ho risk appetite."

    Click on the link below to see the full story from Bloomberg: (by Emma O'Brien)

    Asia Stocks Fall Most in Two Weeks as Dollar Climbs, Gold Drops

     

     


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