Sun, Dec 08, 2013 - Page 15 News List

Asian stocks post biggest weekly drop since August

Bloomberg and AFP

The US in the last quarter posted the fastest annualized growth since the start of last year and jobless claims unexpectedly fell, reports showed this week.

Bill Gross, manager of Pacific Investment Management Co’s, the world’s biggest bond fund, said the unprecedented cash added to the financial system by central banks worldwide is raising the risk of a slide in global asset prices.

“Investors are all playing the same dangerous game that depends on a near-perpetual policy of cheap financing and artificially low interest rates in a desperate gamble to promote growth,” Gross wrote in his monthly investment outlook posted on California-based Pimco LLC’s Web site.

In other markets on Friday:

Manila slipped 0.27 percent, or 16.01 points, from Thursday to close at 6,014.94.

Mumbai rose 0.18 percent, or 38.72 points, to finish at 20,996.53.

Wellington eased 0.14 percent, or 6.43 points, to end on 4,713.52.

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