Asia stocks at 17-month low amid China concerns

SYDNEY, Asian shares hit 17-month lows on Tuesday as investors fretted about everything from the Chinese economy, to trade wars, higher U.S. bond yields and political dysfunction in Europe, according to Reuters.

"Risk sentiment is in a foul mood and stocks are sinking everywhere," said analysts at JPMorgan in a note. "The reasons are myriad and many are a continuation of recent overhangs."

MSCI's broadest index of Asia-Pacific shares outside Japan eased another 0.15 percent after ending Monday at its lowest point since May last year.

Japan's Nikkei fell 1.1 percent as it resumed from a one-day holiday, hurt in part by a rise in the safe-harbour yen.

Eyes were again on China, where blue chips shed 4.3 percent on Monday in the largest daily drop since early 2016. While the stock market in China is far from a reliable gauge of economic activity, sharp falls do spill over into sentiment across the region.

"The latest round of selling in China can't be dismissed and has resulted in Chinese stocks suffering their worst start to October in a decade," said Jameel Ahmad, global head of currency strategy and market research at broker FXTM.

On Wall Street, the tech-heavy Nasdaq fell for the third straight day and growth stocks were pressured by worries rising bond yields might ultimately hobble the economy.

The S and P 500 lost 0.04 percent and the Nasdaq Composite 0.67 percent, while the Dow rose 0.15 percent as defensive stocks found buyers.

Source: Saudi Press Agency