Most Asian stocks retreated after the congressional committee charged with reducing the U.S. deficit failed to agree on cuts. Japan’s stocks pared losses after the yen fell against the euro and the dollar.
Toyota Motor Corp. (7203), the world’s biggest carmaker by market value, rose 0.4 percent, rebounding after touching its lowest intraday level since 1996 today. Santos Ltd. (STO), an Australian oil and gas producer, lost 0.9 percent after oil fell. OneSteel Ltd. slumped 9.1 percent in Australia after the firm’s chief executive officer said he won’t rule out shutting the steelmaker’s main plant.
The MSCI Asia Pacific Index rose less than 0.1 percent to 112.39 as of 11:21 a.m. in Tokyo after falling as much as 0.7 percent and rising as much as 0.2 percent.
“The U.S. deficit and its ratio to economic output won’t worsen much because $1.2 trillion will be cut automatically with or without an agreement,” said Masaru Hamasaki, who helps oversee the equivalent of $24 billion as chief strategist at Toyota Asset Management Co. in Tokyo. “In terms of market sentiment, it’s a different story. It’s not good they couldn’t make a decision”
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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