MANILA, Philippines (AP) - Asian stock markets were mostly down today as fund managers shift money from Asia to the U.S. amid concerns that growth is slowing in China and Japan's economic reforms may be losing steam.
China earlier this week reported its second straight quarter of slower growth and authorities appear determined to stick to a path of shifting the economy away from reliance on investment and exports, which could dent economic activity in the near term.
In Japan, the initial euphoria over the "Abenomics" stimulus policies of Prime Minister Shinzo Abe has faded and doubts have emerged abour whether deeper reforms will be carried out.
Benchmark crude oil rose further above $108 a barrel. The dollar fell against the euro and the yen.