Asian Market Update : Epic Research Malaysia

Asian stocks fell for the first time this week, as US economic reports bolstered the case for higher interest rates while investors weighed data showing Japan's economy grew more than expected.

The MSCI Asia Pacific Index slipped 0.2 per cent to 127.36 as of 9:01 am in Tokyo. Global equities have struggled to extend gains since reaching a four-month high on April 20 as investors scrutinize US data for clues to the timing of the Fed's next policy move. In Japan, data Wednesday showed gross domestic product expanded by an annualized 1.7 per cent in the first quarter, beating economists' estimates for 0.3 per cent growth.

"Markets will be increasingly volatile as investors guess the Fed's next move," Michael McCarthy, chief market strategist at CMC Markets in Sydney, said by phone.

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