Asian Stocks Decline on U.S. Jobless Claims, China Tightening

April 16 (Bloomberg) -- Asian stocks fell, dragging the MSCI Asia Pacific Index from a 20-month high, after U.S. jobless claims unexpectedly rose, China announced measures to cool the real-estate market and commodity prices dropped.

Sony Corp., which gets 23 percent of its sales in the U.S., sank 1.3 percent in Tokyo. Komatsu Ltd., a maker of construction machinery that counts China as its fastest-growing market, lost 1.1 percent to 1,922 yen after that nation raised down-payment ratios for some home purchases. BHP Billiton Ltd. lost 0.8 percent in Sydney after oil and copper prices retreated in New York. Newcrest Mining Ltd. climbed as investors seeking a haven bought gold producers.

“People are a bit cautious about having too much risk on the table,” said Angus Gluskie, who oversees $300 million at White Funds Management Pty. in Sydney. “The China figures yesterday were sufficiently strong that China’s going to have to act firmly to bring growth levels under sufficient control to prevent an inflationary breakout.”

The MSCI Asia Pacific Index declined 0.4 percent to 128.58 as of 10:51 a.m. in Tokyo, with three stocks falling for each one that advanced. The gauge has risen 0.4 percent this week, its third-straight weekly gain, as China reported an 11.9 percent increase in first-quarter gross domestic product and U.S. earnings beat analyst estimates. The index closed yesterday at the highest level since Aug. 6, 2008.

Japan’s Nikkei 225 Stock Average fell 1.3 percent and China’s Shanghai Composite Index sank 1 percent. South Korea’s Kospi index lost 0.4 percent. Australia’s S&P/ASX 200 Index dropped 0.5 percent.

Jobless Benefits

Futures on the Standard & Poor’s 500 Index declined 0.5 percent. The gauge fluctuated yesterday before closing 0.1 percent higher. The number of Americans filing claims for jobless benefits increased in the week ended April 10, while economists had projected a drop, a Labor Department report showed. Factory production rose 0.9 percent in March, the Federal Reserve said.

Honda Motor Co., which gets 44 percent of its sales in North America, dropped 1.1 percent to 3,230 yen in Tokyo. Sony lost 1.3 percent to 3,365 yen.

China-related equities fell after the country’s cabinet yesterday increased down payment ratios for some home purchases, saying “more forceful” steps are needed to cool speculation. China’s economic growth in the first quarter was the fastest pace in almost three years.

Komatsu lost 1.1 percent to 1,922 yen. Sharp Corp., a Japanese company seeking to expand its share in China’s mobile- phone market, declined 1.2 percent to 1,234 yen.

Copper, Oil Futures

“Concern about China’s tightening may weigh on the Asian stock markets,” said Kazuhiro Takahashi, a general manager at Daiwa Securities Capital Markets Co. in Tokyo.

BHP Billiton, the world’s biggest mining company, retreated 0.8 percent to A$43.56 in Sydney, as copper and oil futures in New York fell for a second day. Rio Tinto Group, the third biggest mining company, slipped 0.4 percent to A$79.72.

Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, declined 1.2 percent to A$46.92. Santos Ltd., the third largest, dropped 2.5 percent to A$14.31. In Wellington, New Zealand Oil & Gas Ltd. sank 5.6 percent to NZ$1.52.

The MSCI Asia Pacific Index has climbed 13 percent from its low this year on Feb. 8 amid growing confidence in the global recovery. Companies in the MSCI gauge trade at an average 16.5 times estimated profit, compared with 15.5 times for the S&P 500. Macarthur Coal Ltd. climbed 7.4 percent to A$16.41 after its third-biggest shareholder, Posco, said it supported Peabody Energy Corp.’s revised A$4.1 billion ($3.8 billion) cash offer for the Australian coal producer. Peabody raised its offer by 14 percent yesterday, seeking to trump rival proposals to control Macarthur from New Hope Corp. and Noble Group Ltd.

Safe Assets

“Peabody’s bid is in the ball park, however, we cannot be certain that other players aren’t in the wings,” Macquarie Group Ltd. analyst Sophie Spartalis wrote in a report.

Also in Sydney, Newcrest Mining advanced 1.7 percent to A$34.74 as investors sought refuge from risky assets. Gold for immediate delivery gained 0.3 percent yesterday. Bullion dropped 0.4 percent today.

Lihir Gold Ltd., the second-largest gold mining company on the Australian stock exchange, rose 1.5 percent to A$4. The company said it appointed Macquarie Capital Advisers and Greenhill Caliburn as advisers to assess alternatives to a proposal from Newcrest.