Asian
stocks fell, dragging the regional benchmark equities gauge lower for a second
day, led by raw-material producers and energy companies amid concern slower
growth in China will curb the global economic recovery.
BHP
Billiton Ltd. (BHP), the world’s biggest mining company, dropped 2.4 percent in
Sydney. Newcrest Mining Ltd., Australia’s largest gold producer, sank 8.6
percent as the bullion posted its biggest slump in three decades. Sony Corp.,
the maker of Bravia televisions and PlayStation game consoles, fell 4.3 percent
in Tokyo amid concern the strengthening yen will crimp overseas income of
Japanese exporters.
The
MSCI Asia Pacific Index (MXAP) lost 0.7 percent to 136.09 as of 9:26 a.m. in
Tokyo, before markets open in Hong Kong and China. The gauge retreated
yesterday from the highest level in 20 months after reports showed Chinese growth
and industrial production expanded less than economists estimated and gold
plunged the most since 1980.
“Brace
yourselves today,” said Evan Lucas, a market strategist at IG Markets Ltd., a
provider of trading services in Melbourne. “The sell-off will be sharp and
indiscriminate, loss will be across the board, not even the defensives will
escape the flight to safety today.”
(Source: Bloomberg)
No comments:
Post a Comment