ROME: Asian shares declined in early trading on Monday, following a slump in US equities, though China’s latest stimulus to shore up the world’s second-largest economy was likely to underpin sentiment.
The MSCI Asia Pacific Index retreated 0.3% to 153 as of 10:01 a.m. in Tokyo. Japan’s Topix index declined 0.9%. The Nikkei stock index was 0.6% lower, after shedding 1.3% last week. South Korea’s Kospi index dropped 0.8% and Australia’s S&P/ASX 200 Index lost 0.1%. New Zealand’s NZX 50 Index fell 0.6%.
In Hong Kong, Hang Seng Index fell 0.53%, while China’s Shanghai Composite Index declined 0.11%.
The Standard & Poor’s 500 Index lost 1.1% on Friday, sending US shares to a weekly decline, as disappointing earnings, signs of higher inflation and concerns from China to Greece curbed demand for risk assets.
China’s central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to bolster slowing growth.
