Asian stocks slide; Ant Group Obtains Authorization to Operate Consumer Credit Company

SINGAPORE – Stocks in Asia-Pacific fell on Friday morning as investors watched Alibaba’s Hong Kong-listed stocks following a major positive development for its subsidiary Ant Group.

In Japan, the Nikkei 225 fell 0.86% while the Topix index lost 0.51%. South Korea’s Kospi lost 0.44%.

Meanwhile, Australian stocks fell as the S & P / ASX 200 fell 0.17%.

The MSCI’s largest Asia-Pacific stock index outside of Japan traded down 0.16%.

Investors will watch Alibaba’s Hong Kong-listed shares after the Ant Group is approved to operate a consumer finance company. This marked a major positive development for Ant in the forced restructuring of its business months after its much-anticipated debut was abruptly put on hold.

Looking ahead, the Reserve Bank of India is expected to announce its interest rate decision on Friday at 2:15 p.m. HK / SIN.

Overnight on Wall Street, the Dow Jones Industrial Average plunged 23.34 points to 34,577.04. The S&P 500 dipped 0.36% to 4,192.85 while the Nasdaq Composite trailed, falling 1.03% to 13,614.51.

Currencies and oil

The US dollar index, which tracks the greenback against a basket of its peers, was at 90.476 after a recent rally below 90.3.

The Japanese yen was trading at 110.32 per dollar, lower than the sub-110 levels seen against the greenback yesterday. The Australian dollar changed hands at $ 0.7655, below the above $ 0.772 levels seen earlier in the week.

Oil prices fell on the morning of trading hours in Asia, with international benchmark Brent crude futures slightly below $ 71.25 a barrel. US crude futures traded slightly lower to $ 68.76 per barrel.

Here’s a rundown of what’s available:

  • India: Reserve Bank of India decision on interest rates at 2:15 p.m. HK / SIN

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