While you were sleeping, Asian stocks headed lower, possibly on fears that the PBOC would tighten again.
Asian stocks dropped while oil and copper declined on prospects China will take more steps to cool its economy. The pound weakened after Moody’s Investor Service said the U.K. is close to losing its top credit rating.
The MSCI Asia Pacific Index slid 0.4 per cent to 122.70 as of 5 p.m. in Tokyo, as the Shanghai Stock Exchange Composite sank to a five-week low. The pound fell against 15 of 16 major counterparts after Moody’s Managing Director Pierre Cailleteau said the U.K. and U.S. have moved closer to losing their AAA ratings. Futures on the Standard & Poor’s 500 fell 0.4 per cent. The Stoxx Europe 600 was little changed at 8 a.m in London.
US futures are heading lower as well, threatening to begin a little bit of a down-streak.