The Australian government’s decision to block Archer-Daniels-Midland Co.’s takeover of GrainCorp Ltd. comes 12 weeks after Prime Minister Tony Abbott’s election-night vow that Australia is open for business.
Asian stocks outside Japan fell for a third day after minutes from the Federal Reserve’s last meeting signaled bond purchases may be reduced in coming months and a gauge of China manufacturing fell more than expected.
The dollar strengthened against most Asian currencies, while stocks in Australia and South Korea dropped after the Federal Reserve indicated economic stimulus may be cut in coming months. Japanese shares jumped as gold and silver rebounded while crude oil declined.
China elevated the role of markets in the nation’s economic strategy after President Xi Jinping oversaw a gathering of Communist Party leaders while stopping short for now of unveiling detailed policy shifts.
Shane Oliver, Sydney-based head of strategy at AMP Capital Investors Ltd., which has about $126 billion under management, comments on the outlook for Bank of Japan policy following today’s decision to maintain asset purchases. He also discussed his forecast for Japanese equities, speaking in a telephone interview.