Bridgestone, the world's largest tiremaker by sales, dropped for a third day. Samsung Fire & Marine Insurance led financials lower as Citigroup prepared to cut jobs and UBS AG forecast the US bank will write down more assets. Toyota Motor tumbled to the lowest in a month as the dollar weakened and the US auto market deteriorated.
The MSCI Asia Pacific Index lost 0.9 per cent to 138.79 as of 7:46 pm in Tokyo, headed for the lowest since April 1. Japan's Nikkei 225 Stock Average fell 0.6 per cent to 13,857.47. Indexes declined throughout the region, except in Vietnam, New Zealand and Sri Lanka.
Shares in the Philippines dropped to a 20-month low after the central bank said it may have to tighten monetary policy to curb inflation. Pakistan's benchmark Karachi Stock Exchange 100 Index dropped 4.2 per cent to the lowest since March 2007.
Europe
Most European stocks fell as rising oil prices damped earnings prospects for carmakers and airlines and the deteriorating housing market weighed on UK banks. US index futures rose.
The MSCI World Index lost 0.3 per cent to 1,426.13 at 11:35 am in London as all 10 industry groups decreased except for energy and health care.
The index dropped to the lowest in three months on concern banks will post more losses and rising energy costs will stifle profit growth. Futures on the Standard & Poor's 500 Index rose 0.4 per cent.
US
US stocks fell the most in a month on Friday as Fifth Third Bancorp's dividend cut and worse-than-estimated results from FedEx renewed concern that mortgage losses and a slowing economy will prolong the profit slump.
The S&P 500 Index declined 3.1 per cent to 1,317.93, the lowest level since March 28. The Dow Jones Industrial Average retreated 3.8 per cent to 11,842.69, the lowest since March 10.
The Nasdaq Composite Index lost 2 per cent to 2,406.09.
