(Bloomberg) — Asian equities headed for their lowest close in over three weeks, as technology stocks slid on concerns over US economic growth.
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The MSCI Asia Pacific Index fell as much as 1.8%, before recouping some of the losses, with chipmakers Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. among the biggest drags. Japanese shares pared losses, with the Nikkei 225 Average closing 0.5% lower after plummeting more than 3% during the day, helped by a weakening yen. Taiwan’s key stock gauge fell 1.4%, while Hong Kong benchmarks were set for a fifth straight day of declines.
Weak US non-farm payrolls data Friday sparked concern that the Federal Reserve is moving too slowly to support the world’s largest economy. While investors try to gauge the size of the Fed’s rate cut next week, the Bank of Japan’s recent move to tighten policy has…
