Most Asian stocks retreat on Europe summit

Most Asian stocks fell, erasing earlier gains, as investors waited to see how European policymakers will hammer out details to enhance the region’s bailout fund.

Toyota Motor Corp. (7203), the world’s biggest carmaker, fell 1.3 percent. Komatsu Ltd. (6301), Japan’s largest construction machinery maker, rose 2.6 percent after Caterpillar Inc.’s earnings beat estimates.National Australia Bank Ltd. (NAB), Australia’s fourth- biggest lender by market value, lost 1.1 percent.

The MSCI Asia Pacific Index fell 0.1 percent to 119.00 as of 9:55 a.m. in Tokyo after rising as much as 0.3 percent. About three stocks fell for each that rose on the index.

“Clearly, the dominant factor is what’s happening in Europe,” saidAngus Gluskie, who manages more than $350 million at White Funds Management in Sydney. “At this stage, I think there are some superficial optimism that some sort of deal might be reached. Underneath the surface, though, I think investors still have a lot of questions in the back of their minds and they are alert to risks. Most investors want to get their minds around details tomorrow.”

Japan’s Nikkei 225 Stock Average fell 0.4 percent and South Korea’s Kospi Index was little changed. Australia’s S&P/ASX 200 slumped 0.2 percent. Futures on the Standard & Poor’s 500 Index dropped 0.2 percent.

(source: Bloomberg)

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