Tokyo — Asian stocks retreated on Wednesday, failing to follow Wall Street’s gains, while the dollar was near a 13-month high as concern about Turkey’s financial crisis weighed on investor appetite despite the lira’s move away from a record low. The lira — which plummeted to a record low of 7.24 to the dollar at the week’s start, rattling global markets — was slightly weaker at 6.415 after rebounding more than 8% overnight. Wall Street’s three main indices rose on Tuesday as the lira’s climb eased the fear of broader financial contagion for now. A string of robust earnings also boosted US shares. But the rise in US shares did not carry through to Asia, with MSCI’s broadest index of Asia-Pacific shares outside Japan sliding 0.8% after bouncing 0.4% the previous day when the lira showed signs of stabilising. Hong Kong’s Hang Seng dropped more than 1% and the Shanghai Composite index fell 0.1%. Signs of the world’s second-largest economy losing momentum and the ongoing China-US trade c...
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