Asian stock markets were trading lower tracking declines in the US after a European Central Bank cut to economic forecasts reignited concern on global growth and sent global bond yields lower.

The euro fell to the lowest since 2017. Chinese shares bore the brunt of losses, though stocks in Sydney, Hong Kong, and Tokyo all retreated. Technology mega caps led the S&P 500 Index to a fourth day of losses and the gauge closed just below its closely watched 200-day moving average that has provided support in the past. Australian bonds tracked gains in Treasuries and bunds, while the dollar steadied after gaining for the seventh day. The yen ticked higher.

The US jobs report on Friday will provide the next clues on the health of global growth after ECB President Mario Draghi delivered fresh stimulus as he downgraded the outlook for the region’s economy. The move came during a week that’s seen China cut its goal for an economic expansion, the Bank of Canada dial back its expectations for policy tightening and the Organisation for Economic Co-operation and Development lowering its global outlook.

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