Tokyo — Asian stocks stepped back from a record high on Wednesday as the region’s resource shares were hit by falling oil and other commodity prices, while digital currencies tumbled on worries about tighter regulations. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.15% from its record high as resource shares declined after oil and other commodities succumbed to profit-taking following recent gains. Japan’s Nikkei fell 0.4% from its 26-year peak hit the previous day. Wall Street paused in its rally, hit by a 1.2% fall in energy stocks as well as weakness in General Electric. The US conglomerate raised the prospect of breaking itself up and announced more than $11bn in charges from its long-term care insurance portfolio and new US tax laws. The CBOE volatility index, which measures investors’ expectation on price swings in US shares, rose to a one-month closing high of 11.66 from near-record lows seen earlier this month. World shares have rallied since the star...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.