The Asia Pacific gauge dropped 0.8 percent as of 8:10 a.m. London
time, with Japan’s Topix tumbling 1.1 percent after earlier jumping more
than 1 percent. The Shanghai Composite Index advanced for a second day,
gaining 1.1 percent.
The Stoxx Europe 600 Index rose 0.4 percent. “Stay
cautious,” said Mark Lister, head of private wealth research at Craigs
Investment Partners in Wellington, which manages about $7.2 billion.
“Don’t be afraid to reduce risk because we expect things to be volatile from here -- it’s a relatively defensive message. There are a lot of economic issues that need to be worked through. We’ve been incrementally paring back” risk positions, including equities, he said.
Australia’s S&P/ASX 200 Index declined 0.6 percent, led by a 4.2 percent slump in a gauge of energy stocks. Woodside Petroleum Ltd., the nation’s second-largest oil and natural gas producer, tumbled 6.9 percent after reporting a 99 percent collapse in full-year profit amid the rout in energy prices.
Futures on the Standard & Poor’s 500 Index retreated 0.2 percent after the benchmark capped its best two-day gain since August on Tuesday, rising 1.7 percent.
“Don’t be afraid to reduce risk because we expect things to be volatile from here -- it’s a relatively defensive message. There are a lot of economic issues that need to be worked through. We’ve been incrementally paring back” risk positions, including equities, he said.
Australia’s S&P/ASX 200 Index declined 0.6 percent, led by a 4.2 percent slump in a gauge of energy stocks. Woodside Petroleum Ltd., the nation’s second-largest oil and natural gas producer, tumbled 6.9 percent after reporting a 99 percent collapse in full-year profit amid the rout in energy prices.
Futures on the Standard & Poor’s 500 Index retreated 0.2 percent after the benchmark capped its best two-day gain since August on Tuesday, rising 1.7 percent.
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