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Asian stocks decline

GLOBAL MARKETS/ STOCK REPORT

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Bloomberg Mumbai
Last Updated : Jan 29 2013 | 1:14 AM IST

Macquarie Group, Australia's No. 1 investment bank, and Nomura Holdings, Japan's biggest, dropped after Standard & Poor's cut its ratings on three of Wall Street's biggest firms.

Honda Motor fell after the dollar weakened against the yen, eroding the value of Japanese companies' overseas earnings. China Unicom led a plunge among Chinese phone companies after they unveiled details of an industry overhaul.

The MSCI Asia Pacific Index lost 1.3 per cent to 149.94 as of 7:20 pm in Tokyo, ending a three-day, 3.4 per cent rally. A measure of financial companies was the biggest drag among the benchmark index's 10 industry groups.

All Asian equity markets dropped apart from Pakistan. Japan's Nikkei 225 Stock Average fell 1.6 per cent to 14,209.17.

The S&P/ASX 200 Index lost 1.6 per cent in Australia, where the central bank on Tuesday left the benchmark interest rate unchanged at a 12-year high.

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Europe
European stocks advanced, led by chemical makers after K+S AG raised its full-year profit forecast. US index futures advanced.

Europe's Dow Jones Stoxx 600 Index added 0.41, or 0.1 per cent, to 318.85 as of 11:11 am in London. The index has dropped 13 per cent this year as banks sell shares to replenish capital after posting $387 billion in credit-related losses and writedowns worldwide.

Futures on the Standard & Poor's 500 Index rose 0.2 per cent, while the MSCI Asia Pacific Index decreased 1.2 per cent.

National indexes increased in nine of the 13 western European markets that were open. France's CAC 40 gained 0.4 per cent, while Germany's DAX lost 0.2 per cent. The UK's FTSE 100 added 0.3 per cent.

US
US stocks fell for the first time in five days after Wachovia Corp ousted its CEO and Standard & Poor's lowered its debt ratings on three of Wall Street's biggest securities firms.

The S&P 500 Index lost 14.71 points, or 1.1 per cent, to 1,385.67. The Dow Jones Industrial Average decreased 134.5, or 1.1 per cent, to 12,503.82.

The Nasdaq Composite Index retreated 31.13, or 1.2 per cent, to 2,491.53.

Nine of 10 industry groups in the S&P 500 fell on Tuesday, with 423 companies in the index posting losses.

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First Published: Jun 04 2008 | 12:00 AM IST

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