Asian stocks extended losses on Friday as worries about the health of Deutsche Bank weighed on financial shares and as oil prices inched back from near-one month highs on scepticism over OPEC's new plan to curb output.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 1 percent and was on track for a 0.9 percent drop for the week. But it is poised for a 1.7 percent gain in September, and a 9 percent jump in the third quarter.
Japan's Nikkei slipped on Friday after fears about the stability Deutsche Bank shook Wall Street and took a toll on financial shares, with the stock index paring its quarterly gain and logging weekly and monthly losses.
The Nikkei ended down 1.5 percent, or 243.87 points, at 16,449.84, down 1.8 percent for the week and 2.6 percent for September. But it was still up 5.6 percent for the July-September quarter.
China stocks ended a thinly-traded week with modest gains on Friday after a private survey suggested domestic and export demand may be slowly picking up.
The blue-chip CSI300 index rose 0.3 percent to 3,253.28, while the Shanghai Composite Index gained 0.2 percent to 3,004.70 points.
Banking shares led losses on the MSCI All Country World Index as Deutsche Bank AG tumbled to an all-time low, weighed down by a Bloomberg News report that some hedge funds have cut their exposure to the lender. The Stoxx Europe 600 Index fell to an eight-week low and S&P 500 Index futures declined. The yen strengthened versus all of its major peers and most emerging-market currencies weakened. Gold rose for the first time in four days and the yield on benchmark U.S. Treasuries sank to the lowest level in three weeks.
The Stoxx Europe 600 Index slid 1.5 percent as of 8:11 a.m. London time, paring this quarter’s advance to 2.4 percent. Deutsche Bank tumbled as much as 8.1 percent.
Reference: Reuters
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