SINGAPORE- MSCI’s index of global equities moved a fraction lower and could notch its 10th straight daily fall on Thursday, which would equal a long losing streak from 2021.
MSCI’s index of Asia-Pacific shares outside Japan was pinned near a 10-month trough. US and European futures fluctuated either side of flat.
Japan’s Nikkei fell 1.8 percent , with investors selling stocks that went ex-dividend.
Chinese markets limped toward a long holiday that begins on Friday and the break may be a welcome one for traders since recent weeks have brought a drumbeat of bad news and selling.
On Thursday shares in cash-strapped developer China Evergrande were suspended in Hong Kong after a report that chairman Hui Ka Yan was under police watch. The stock, once worth more than HK$30, had closed at HK$0.32 on Wednesday.
Investors worry a liquidation would further damage the tanking property market and stifle signs of recovery in parts of the Chinese economy.
“China’s property-sector stress will continue to pose cross-sector credit risks in the near term,” said Fitch Ratings on Thursday. “The government’s modest policy easing to date is unlikely to drive a sharp turnaround in homebuyers’ sentiment.”
The Hang Seng fell 1 percent and is close to a 10-month low. The mainland CSI300 fell 0.2 percent .
China’s yuan is also coming under pressure and only a very strong fixing of its trading band has held off sellers. T he yuan last changed hands at 7.3057 per dollar, not far from the weaker extremity of its trading band.
