Asian stocks retreat as investors shift focus to G-7 meet

Asian equities retreated, paring the best weekly gain in almost four months, as investors turned their attention to the G-7 Summit in Quebec, Canada, this weekend for a showdown between the US and their trading partners.

The MSCI Asia Pacific index fell 0.6% to 175 in Hong Kong. While the measure pared its five-day gain to 1.8%, it’s still poised for the best weekly advance since February 16. Benchmark stock gauges in Hong Kong, Korea, and China all slipped.

“Asian stocks have made some decent gains recently,” said John Teja, a director at PT Ciptadana Sekuritas Asia in Jakarta.

“Investors decided to realize some of their gains while waiting for the next development on trade from the G-7 meeting this weekend as well as the Fed meeting next week,” Teja added.


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