Asian stocks swung between gains and losses as U.S. retail sales beat estimates while Italian bond yields rose amid concern Italy’s new government will struggle to trim its debt and prevent Europe’s crisis from spreading.
Hyundai Motor Co. (005380), a South Korean carmaker that countsNorth America as its largest overseas market, rose 0.9 percent. Sony Corp. (6758), which depends on Europe for 21 percent of its sales, fell 1.3 percent. Elpida Memory Inc. (6665) jumped 9.1 percent after it kept its listing on Asia’s benchmark index. The stock plunged yesterday on speculation MSCI Inc. would remove the chipmaker, which has lost almost two-thirds of its value this year.
The MSCI Asia Pacific Index slipped 0.1 percent to 117.60 as of 9:56 a.m. in Tokyo, after swinging between gains and losses at least six times. About an equal number of stocks rose and fell on the index. The measure fell 0.9 percent yesterday.
“The U.S. seems to be back on the recovery path, which is very helpful because it’s the biggest economy in the world and it fixes sentiment in a big way,” said Prasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney. “Investors around the world would be happy if Europe doesn’t export its toxicity.”
Futures on the Standard & Poor’s 500 Index slipped 0.1 percent today. The index rose 0.5 percent in New York yesterday after U.S. retail sales beat estimates. Semiconductor companies climbed after Warren Buffett’s Berkshire Hathaway Inc. said it invested in Intel Corp., the world’s largest chipmaker.
New Government
Gains in stocks were limited today after Italy’s 10-year yield rose again above the 7 percent threshold that prompted Greece to seek a bailout. Italy’s prime minister designate Mario Monti prepares to meet President Giorgio Napolitano today to present his new government.
The MSCI Asia Pacific Index declined 14.5 percent this year through yesterday, compared with a 14.1 percent loss by the Stoxx Europe 600 Index. The S&P 500 is little changed for the year. Stocks in the Asian benchmark are valued at 12.7 times estimated earnings on average, compared with 12.7 times for the S&P 500 and 10.3 times for the Stoxx 600.
MSCI Inc., which operates Asia’s benchmark index, will reshuffle the gauge’s members after the close on Nov. 30, it said in a report on its website dated yesterday. Japan’s Sanrio Co., the maker of Hello Kitty products, will be added. Bearing- maker Minebea Co. and Mitsui Engineering & Shipbuilding Co. will be removed from the benchmark.
(source: Bloomberg)
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16/11/2011 08:57:06 AM | 