Asian stocks nosedive

GLOBAL MARKETS/ STOCK REPORT

Asian stocks fell the most in four months, led by Samsung Electronics Co and HSBC Holdings, on concerns that accelerating inflation will limit interest-rate cuts, threatening global growth.

Samsung declined the most in three weeks. HSBC and Cheung Kong (Holdings) Ltd. paced losses in Hong Kong, where interest rates track those set by the Federal Reserve, after U.S. consumer prices rose the most since 2005.

Centro Properties Group plummeted 76 percent in Sydney after the owner of U.S. shopping malls said it was struggling to refinance debt.

The MSCI Asia Pacific Index lost 2.9 per cent to 152.23 as of 7:14 pm in Tokyo, its sharpest decline since August 17. More than 1,000 of the measure's 1,140 constituents fell. The benchmark is set for its lowest annual gain in five years.

The Sensex slumped 3.8 per cent, its biggest decline since August 16 and the largest drop among Asia's benchmarks, all of which fell. Japan's Nikkei 225 Stock Average fell 1.7 per cent to 15,249.79.

EUROPE
European stocks declined, tracking losses in the US and Asia, on deepening concern that economic growth will slow.

BHP Billiton, the world's largest mining company, and Rio Tinto Group fell. GlaxoSmithKline, the second-biggest drugmaker, dropped after saying questions from the US Food and Drug Administration will delay approval of its cervical cancer vaccine. Swiss Life Holding retreated after JPMorgan Chase cut its recommendation on the stock.

The Dow Jones Stoxx 600 Index lost 1.3 per cent to 362 at 8:15 am in London. The Stoxx 50 declined 1.2 per cent, as did the Euro Stoxx 50, a measure for the euro region.

The Standard & Poor's 500 Index sank 1.4 per cent on December 14, while the Dow Jones Industrial Average lost 1.3 per cent. US
US stock-index futures dropped after an Australian owner of 700 US shopping malls said it's struggling to pay debt and Swiss weekly Sonntag reported UBS expects further writedowns on sub-prime investments.

Fannie Mae, the largest source of money for US home loans, declined in Europe. Goldman Sachs Group, the world's biggest securities firm, and Morgan Stanley also sank. Adobe Systems dropped before reporting earnings.

Standard and Poor's 500 Index futures expiring in December slipped 11.20 points to 1,467.20 as of 9:19 am in London. Dow Jones Industrial Average futures sank 93 points to 13,347. Nasdaq-100 Index futures lost 15.75 points to 2,078.

US stocks fell on December 14, completing the steepest weekly drop in a month, after accelerating inflation spurred concern that higher prices will curb consumer spending and give the Federal Reserve less leeway to cut interest rates.