Asian stocks fell, ending a six-day winning streak for the region’s benchmark index, after credit- rating downgrades of Spain and European banks fueled concern the region’s debt crisis will hurt Asian economies and earnings.
Nissan Motor Co., a carmaker that gets about 80 percent of its sales overseas, slid 1.9 percent in Tokyo. Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, fell 0.6 percent after JPMorgan Chase & Co., the second-largest U.S. bank by assets, said profit declined. BHP Billiton Ltd. (BHP), the world’s biggest mining company, lost 2.3 percent in Sydney after commodity prices slumped yesterday.
The MSCI Asia Pacific Index dropped 0.6 percent to 117.02 as of 9:44 a.m. in Tokyo. The gauge climbed 9.7 percent in the previous six days, with stocks advancing this week after German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged to deliver a plan to recapitalize Europe’s banks and address Greece’s debt crisis.
“Investors are hoping Europe will find a solution to the sovereign-debt crisis, but if that doesn’t happen the market could come back down again,” said Lee King Fuei, a Singapore- based fund manager at Schroders Plc, which oversaw $323 billion as of June 30. “Politically, it’s going to be difficult to find a solution. Governments in the U.S. and Europe are left with limited stimulus options.”
Nikkei, Kospi
Japan’s Nikkei 225 Stock Average fell 0.7 percent. Australia’s S&P/ASX 200 Index slid 0.9 percent and South Korea’s Kospi Index retreated 0.7 percent.
Futures on the Standard & Poor’s 500 Index lost 0.2 percent. The U.S. gauge slipped 0.3 percent in New York yesterday, paring gains from the best rally over seven days since 2009, after JPMorgan’s earnings dropped, and amid speculation that equities rose too much on optimism Europe’s debt crisis may be contained.
Stocks in Europe fell yesterday after the European Central Bank said imposing further losses on holders of Greek debt posed a risk to the euro area’s financial stability.
Asian markets slid today after Spain had its long-term sovereign credit rating cut to AA- from AA by Standard & Poor’s. Separately, UBS AG, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc had long-term issuer default grades cut by Fitch Ratings, which put more than a dozen other lenders on watch negative.
(source: Bloomberg)
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14/10/2011 09:54:09 AM | 