Friday, May 17, 2013

(BN) Asian Stocks Drop Second Day on Signs of U.S. Economic Slowdown

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Asian Stocks Drop Second Day on Signs of U.S. Economic Slowdown
2013-05-17 00:33:49.614 GMT


By Jonathan Burgos
May 17 (Bloomberg) -- Asian stocks fell, with the regional
benchmark index heading for a second day of decline, after data
showed U.S. jobless claims rose and housing starts slumped,
signaling a slowdown in the world's biggest economy.
Panasonic Corp., Japan's second-largest television maker,
slid 1.8 percent. Newcrest Mining Ltd., Australia's biggest gold
producer, fell 2.6 percent as the bullion capped the longest
slump in 16 months. WorleyParsons Ltd. plunged 14 percent in
Sydney after the provider of engineering services to the oil and
gas industries forecast profit that missed analysts estimates.
The MSCI Asia Pacific Index slipped 0.2 percent to 142.74
as of 9:31 a.m. Tokyo time. The gauge increased 11 percent this
year through yesterday as the Bank of Japan took steps to
counter deflation and policy makers in the U.S. and Europe
remained on standby to buoy growth. The measure is heading for a
second week of advance.
"The U.S. slowdown is a concern," Robert Aspin,
Singapore-based head of equity investment strategy for wealth
management at Standard Chartered Plc., said in an interview.
"We're looking for the market to come off a little bit and go
through a period of consolidation. In the short-term, the
Japanese market looks overbought, but in the long-term it's
not."
Japan's Nikkei 225 Stock Average dropped 0.5 percent, while
the broader Topix Index slipped 0.1 percent. New Zealand NZX 50
Index fell 0.4 percent, while Australia's S&P/ASX 200 Index
added 0.2 percent. Markets in South Korea and Hong Kong are
closed for holidays.

For Related News and Information:
Developed Market View: DMMV <GO>
Graphing: GRAPH <GO>
Feature stories on stocks: TNI STK GREET <GO>
MSCI Asia Pacific versus Dow Jones Industrial Average:
MXAP <Index> INDU <Index> HS <GO>
World Trends and Reversals: WTR <GO>
Equity screening: EQS <GO>

--Editor: John McCluskey

To contact the reporter on this story:
Jonathan Burgos in Singapore at +65-6212-1156 or
jburgos4@bloomberg.net

To contact the editor responsible for this story:
John McCluskey at +61-2-9777-8649 or
j.mccluskey@bloomberg.net

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