Friday, November 9, 2012

Asia Stocks Head for Biggest Two-Day Loss in 3 Months on Greece

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Asia Stocks Head for Biggest Two-Day Loss in 3 Months on Greece
2012-11-09 00:36:20.975 GMT


By Yoshiaki Nohara and Jason Clenfield
Nov. 9 (Bloomberg) -- Asian stocks fell, with the regional
benchmark index headed for the biggest two-day loss in more than
three months, amid concerns European finance ministers may delay
Greece's bailout and President Barack Obama's re-election may
endanger U.S. tax breaks for investors.
Electronics maker Samsung Electronics Co., which gets 39
percent of its sales in America and Europe, dropped 1.3 percent
in Seoul. Fanuc Corp., a Japanese maker of factory robots that
depends on Asia for half of its revenue, lost 1.6 percent before
China reports data on inflation, industrial production and
retail sales. Nexon Co., a developer of online games, slumped 14
percent in Tokyo after cutting its profit forecast.
The MSCI Asia Pacific Index fell 0.6 percent to 121.07 as
of 9:28 a.m. in Tokyo before markets in Hong Kong and China
opened. About nine stocks dropped for each that gained on the
measure, which has declined 1.2 percent this week.
"Investors have just gotten nervous," said Shane Oliver,
Sydney-based head of investment strategy at AMP Capital
Investors Ltd., which has almost $100 billion under management.
"You've got residual concern about the U.S. fiscal cliff and
this delay in payments to Greece. The worries were there before.
It sounds a bit irrational, but that's the way markets often
work. Once they start going down, the falling momentum triggers
more selling."

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