Asian Stocks Fall for First Time in Nine Days on Europe Concern
This article is for subscribers only.
Asian stocks fell, snapping the MSCI Asia Pacific Index’s longest winning streak in 11 months, on renewed concern Europe’s debt crisis will hurt the global economy after rating companies downgraded France’s biggest bank and said Spanish lenders face difficult years.
Canon Inc., a Japanese camera maker that counts Europe as its biggest market, dropped 2.7 percent in Tokyo. Samsung Electronics Co., South Korea’s biggest exporter, dropped 1.7 percent. Newcrest Mining Ltd., Australia’s biggest gold producer, declined 1.8 percent in Sydney after the price of the metal retreated from a record yesterday. Lee & Man Paper Manufacturing Ltd. sank 3.9 percent in Hong Kong after its controlling shareholder agreed to sell a stake.