Asian stocks fell for a third day, with the regional benchmark heading for its lowest close in four weeks, after Fitch Ratings said a worsening European debt crisis poses a “serious risk” to U.S. banks, stoking concern about the global financial system.
Mitsubishi UFJ Financial Group Inc. (8306), Japan’s biggest lender by market value, dropped 0.9 percent. Nissan Motor Co., the country’s third-largest carmaker, fell 1.4 percent. Olympus Corp. (7733) jumped 18 percent after a report banks told the scandal-hit company they would continue to offer support.
The MSCI Asia Pacific Index dropped 0.5 percent to 115.71 as of 9:50 a.m. in Tokyo with about two stocks falling for each that rose. The measure headed for the lowest close since Oct. 20.
“This is a bad case for Europe and growth forecasters who were optimistic are definitely cutting back,” said Matt Riordan, who helps manage close to $6.4 billion in Sydney at Paradice Investment Management Pty. “We are going into quite a difficult point where some sort of a new strategy might be required.”
Futures on the Standard & Poor’s 500 Index fell 0.2 percent today. The index dropped 1.7 percent in New York yesterday after Fitch said further turmoil in Greece, Ireland, Italy, Portugal and Spain poses a “serious risk” to U.S. lenders. The risks are currently manageable, the ratings company said.
‘Markedly Weaker’
Stocks also fell after Bank of England Governor Mervyn King said Britain faces a “markedly weaker” economic outlook.
Banks dropped. Mitsubishi UFJ Financial Group fell 0.9 percent to 328 yen, and Sumitomo Mitsui Financial Group Inc. (8316), Japan’s second-biggest lender, slid 1.2 percent to 2,073 yen.National Australia Bank Ltd. (NAB), Australia’s third-biggest lender by market value, dropped 1.1 percent to A$24.33.
Japan’s Nikkei 225 (NKY) Stock Average lost 0.4 percent. Australia’s S&P/ASX 200 was little changed. South Korea’s KOSPI Index slid 0.6 percent.
Olympus Corp. jumped 18 percent to 870 yen after the Mainichi newspaper reported Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group yesterday told the optical equipment maker they will continue to support the company. Separately, the Nikkei newspaper reported the company told creditors it plans to cut debt to 260 billion yen ($3.37 billion) over three years.
The MSCI Asia Pacific Index declined 16 percent this year through yesterday, compared with a 1.7 percent drop by the S&P 500 and a 14 percent loss by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 12.6 times estimated earnings on average, compared with 12.5 times for the S&P 500 and 10.3 times for the Stoxx 600.
Energy companies rose after crude for December delivery rose $3.22 to $102.59 a barrel on theNew York Mercantile Exchange, the highest settlement since May 31.
BHP Billiton Ltd. (BHP), an Australian miner and oil producer, rose 0.4 percent to A$36.78. Inpex Corp. (1605), Japan’s No. 1 energy explorer, advanced 1.9 percent to 495,500 yen.
(source: Bloomberg)
Số lượt đọc:
7
-
Cập nhật lần cuối:
17/11/2011 09:08:28 AM | 