Investing.com - Stocks in Asia fell early Wednesday on the back of a steep global selloff, with both Tokyo and Australia trading down more than 1%, as investors reacted to a cut in the International Monetary Fund's global economic forecast.
Australia's S&P/ASX 200 fell 1.6%, led lower by banks. National Australia Bank Ltd (ASX:NAB) was down 0.3% and Commonwealth Bank Of Australia. (ASX:CBA) lost 0.6%.
Rio Tinto Ltd (ASX:RIO). was down 1.5% after rising 4.3% on Tuesday, as investors continue to monitor whether Glencore Xstrata Plc (LONDON:GLEN) will continue its pursuit of Rio after a rejected takeover proposal.
The losses come after the International Monetary Fund cut its outlook for global growth this year, citing weakness in the euro zone and a slowdown in emerging markets.
Earlier, Japan posted a trade deficit of ¥768.24 billion in the first 20 days of September, down 23.3% from the ¥1.002 trillion deficit in the year-earlier period, according to the finance ministry.
Overnight, the S&P 500 fell back below its 100-day moving average, a sign of weakening near-term momentum. The Dow 30 fell 1.6%, the S&P 500 lost 1.51%, ending at its lowest level since Aug. 12. The NASDAQ Composite dropped 1.56%.
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Shares in Asia down on global selloff, Rio Tinto falls in Sydney
Published 10/07/2014, 10:06 PM
Updated 10/07/2014, 10:10 PM
Shares in Asia down on global selloff, Rio Tinto falls in Sydney
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