Asia's stocks fall after Feds tapers bets
Asian stocks fell after the U.S. Federal Reserve made bets that it may start to pare a stimulus package, according to a Bloomberg report.
Alacer Gold Corp.'s share prices dropped by 4.1% in Sydney, Australia as a result of declining price of the precious metal. In Japan, Honda Motor Co. lost 1.3%. This was after the giant auto maker reported its second-quarter profit. The company's analysts missed profit estimates and overlooked slowing motorcycle sales in the Southeast Asian region.
There was a significant drop of 0.8 to 142.10 in Hong Kong at the MSCI Asia Pacific Index, according to the report.
"Tapering is inevitable, and that's what you read from last night's statement. The timing is still unsure, but the market is going to price in the likelihood of tapering in the next six months at the latest," said Donald Williams, chief investment officer at the Sydney-based Platypus Asset Management Ltd.
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