Asian stocks fell the most in a week and the Australian dollar weakened as reports signaled slowing global economic growth and Hewlett-Packard Co. (HPQ) forecast profit that missed estimates. Oil dropped from a nine-month high as U.S. stockpiles increased.
The MSCI Asia Pacific Index (MXAP) lost 0.5 percent as of 10:28 a.m. in Tokyo. A gauge of technology companies in the equity benchmark slid 0.7 percent. Standard & Poor’s 500 Index futures lost 0.1 percent. Australia’s currency retreated 0.1 percent to $1.0626 and the dollar rose against most of its major counterparts. Oil dropped 0.4 percent to $105.80 a barrel.
European services and manufacturing output shrank in February, Markit Economics said, and Taiwan cut its 2012 growth forecast yesterday. U.S. sales of previously owned houses missed economists’ forecasts, according to an industry report. Data today may show Hong Kong’s exports shrank 7 percent in January, while Taiwan’s industrial production contracted 15.3 percent, according to economist surveys by Bloomberg.
U.S. crude supplies rose 3.55 million barrels last week, figures from the industry-funded American Petroleum Institute showed. An Energy Department report today may show inventories climbed 1.35 million barrels to the highest level in almost five months, according to a Bloomberg News survey of analysts.
Mazda Motor Corp. (7261) dropped 8.2 percent. Japan’s least profitable major carmaker said it may raise a record 162.8 billion yen ($2 billion) selling new stock.
The Australian currency was near a three-week low against the U.S. dollar as Prime Minister Julia Gillard called a ballot for the leadership of the ruling Labor Party following the resignation of Foreign Minister Kevin Rudd.
To contact the reporter on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
®2012 BLOOMBERG L.P. ALL RIGHTS RESERVED.
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