- Published on Friday, 06 July 2012 01:09
- Written by Bloomberg.com
Asian stocks fell for a second day, paring this week’s gain on the regional benchmark index, as interest-rate cuts in Europe and China failed to assure investors the moves will be enough to boost economic growth.
Canon Inc. (7751), a Japanese camera maker that gets 31 percent of its sales in Europe, slid 2 percent. Miner BHP Billiton Ltd. (BHP), whose biggest market is China, declined 0.9 percent as investors sold shares of companies with earnings tied to economic growth. Parco Co. (8251)climbed 3.5 percent in Tokyo after J Front Retailing Co. said it will buy a majority stake in the rival department- store operator.
The MSCI Asia-Pacific (MXAP) slid 0.2 percent to 118.82 as of 9:53 a.m. in Tokyo, before markets in China and Hong Kong opened. About the same number of stocks rose as fell. The gauge has fallen 7.8 percent from this year’s highest level in February amid concern economic growth in China and the U.S. is slowing as Europe’s debt crisis deepens. The measure has gained 1.4 percent this week. Full story