Asian stocks (MXAP) dropped for a second day as higher borrowing costs in a French bond auction stoked concern Europe’s debt crisis is deepening, overshadowing improving economic data in the U.S.
Sony Corp. (6758), a Japanese electronics maker that gets 21 percent of its sales from Europe, fell 2 percent. Elpida Memory Inc. (6665), a manufacturer of computer memory chips, sank 4 percent after Nomura Holdings Inc. cut its growth forecast for chips used to help computers juggle programs. Daewoo Shipbuilding & Marine Engineering Co. dropped 2.3 percent after the Korea Development Bank said it will revive plans to sell its stake in the South Korean shipyard.
“Europe is going to be a headwind with all the bond auctions coming up,” said Belinda Allen, a Sydney-based senior investment analyst at Colonial First State Global Asset Management, which oversees about $145 billion. “The first bond auctions from Germany and France did relatively OK, but there’s a risk Italy won’t perform as well. Markets are a lot more comfortable with the U.S. economy at this point in time. The outlook really hinges on Europe and China.”
The MSCI Asia Pacific Index dropped 0.7 percent to 114.68 as of 10:30 a.m. in Tokyo, with about four stocks falling for each that rose. The measure is heading for its third straight weekly advance as manufacturing growth from the U.S., Australia, China and India add to signs the global economy will withstand Europe’s debt crisis.
Japan’s Nikkei 225 Stock Average (NKY) slipped 0.9 percent, while South Korea’s Kospi Index dropped 1.3 percent. Australia’s S&P/ASX 200 Index fell 0.6 percent. Hong Kong’s Hang Seng Index lost 0.3 percent.
‘Tug of War’
Futures on the Standard & Poor’s 500 Index slid 0.1 percent today. The gauge rose 0.3 percent yesterday in New York as government data showed fewer Americans filed claims forunemployment insurance last week and ADP Employer Services said payrolls increased by 325,000 in December. A separate report showed consumer confidence in the world’s biggest economy rose to a five-month high.
“We’re likely to see a tug of war in the market between the bad news in Europe and the good news of improving data in the U.S. economy,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc.
Global stocks fell yesterday as France sold 7.96 billion euros ($10.2 billion) of debt, with borrowing costs rising in its first auction of the year. European industrial orders increased less than economists estimated in October, adding to signs of a deepening economic slump in the region.
The MSCI Asia Pacific Index (MXAP) lost 17 percent in 2011 as China took steps to cool itsproperty market and Europe struggled to resolve its debt crisis. The Standard & Poor’s 500 Index broke even for the year and the Stoxx Europe 600 Index dropped 11 percent. Stocks in the Asian gauge were valued at 12.1 times estimated earnings on average as of yesterday, compared with 12.2 times for the S&P 500 and 9.9 times for the Stoxx 600.
(source: Bloomberg)
Số lượt đọc:
4
-
Cập nhật lần cuối:
06/01/2012 10:30:51 AM | 