China's Plunge Sends Asia Stocks to Biggest Loss This Year
- Benchmark MSCI Asia Pacific Index posts a second weekly drop
- Chinese stocks led declines on rare sell rating for an A share
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Stock markets across Asia sank as concerns surrounding global growth mounted, with the region’s benchmark index set for its biggest plunge of the year. Chinese shares plunged the most as traders took a sell rating from the nation’s largest brokerage as a sign that the government wants to slow down the rally.
The MSCI Asia Pacific Index dropped 1.4 percent as of 5:39 p.m. in Hong Kong as China’s trade slumped amid continued uncertainty from the trade war, with exports falling and imports weakening in February. This came after Europe’s growth forecast was slashed by the region’s central bank Thursday. With the first back-to-back losses of the year for the Asian benchmark, the region’s equities erased $384 billion in 10 trading days.