Asian stocks fell, dragging down the MSCI Asia Pacific Index for the first time in three days, on concern the outlook for corporate profits is deteriorating after analysts cut ratings on U.S companies ahead of earnings season.
Honda Motor Co., a carmaker that derives almost 85 percent of its sales abroad, declined 0.7 percent in Tokyo. James Hardie Industries SE, the biggest seller of home siding in the U.S., sank 2.7 percent. BHP Billiton Ltd., the world’s largest mining company, dropped 1.4 percent in Sydney as oil and copper prices decreased, and Rio Tinto Group, the No. 3, declined 2.1 percent.
“There’ll be concerns about earnings at U.S. companies, which start to report later this week,” said Toshiyuki Kanayama, a market analyst at Tokyo-based Monex Inc. “That will raise concern about earnings at companies” in other regions, he said.
The MSCI Asia Pacific Index fell 0.5 percent to 126.60 as of 9:13 a.m. in Tokyo, with three stocks declining for every one that advanced. The gauge has climbed 16 percent from its low this year on May 25 amid signs a U.S. economic recovery is stabilizing and will support global growth.
Japan’s Nikkei 225 Stock Average lost 0.5 percent ahead of a Bank of Japan announcement today on its latest policies. Australia’s S&P/ASX 200 Index dropped 1.1 percent before today’s interest-rate decision from the Reserve Bank of Australia. New Zealand’s NZX 50 Index decreased 0.5 percent as a measure of business confidence fell to the lowest level since mid-2009.
U.S. Futures, Orders
Futures on the Standard & Poor’s 500 Index were little changed. The index lost 0.8 percent in New York yesterday after Goldman Sachs Group Inc. cut its ratings on Microsoft Corp., J.C. Penney Co. and Macy’s Inc. Deutsche Bank AG put Alcoa Inc. on its short-term “sell” list before the largest U.S. aluminum company starts the third-quarter earnings season on Oct. 7.
Separately, manufacturing orders in the U.S. declined 0.5 percent in August, following a revised 0.5 percent increase in July, the Commerce Department said yesterday in Washington. That exceeded the median estimate of a 0.4 percent drop from 64 economists in a Bloomberg survey. Bookings for non-military capital goods excluding planes increased 5.1 percent, the biggest gain since March.
In Asia, the Bank of Japan is scheduled to announce its latest policies today following a two-day meeting. The week of Oct. 24 is the peak for the region’s financial results, with more than a third of the 933 companies in the MSCI Asia Pacific Index scheduled to report that week, according to data compiled by Bloomberg.
The MSCI Asia Pacific Index has risen 5.1 percent this year on speculation growth in profits will weather Europe’s debt crisis, Chinese steps to curb property-price inflation and concern about the pace of the U.S. economic rebound. Stocks in the gauge trade at 14.1 times estimated earnings on average, compared with 13.6 times for the S&P 500 and 11.8 times for the Stoxx Europe 600 Index.
Copper futures for December delivery slid 0.7 percent in New York yesterday, the biggest loss for a most-active contract since Sept. 10. Oil for November delivery declined 0.1 percent to settle at $81.47 a barrel.
To contact the reporters on this story: Shani Raja in Sydney at sraja4@bloomberg.net. Satoshi Kawano in Tokyo skawano1@bloomberg.net.
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.
http://jodnet.blogspot.com
Honda Motor Co., a carmaker that derives almost 85 percent of its sales abroad, declined 0.7 percent in Tokyo. James Hardie Industries SE, the biggest seller of home siding in the U.S., sank 2.7 percent. BHP Billiton Ltd., the world’s largest mining company, dropped 1.4 percent in Sydney as oil and copper prices decreased, and Rio Tinto Group, the No. 3, declined 2.1 percent.
“There’ll be concerns about earnings at U.S. companies, which start to report later this week,” said Toshiyuki Kanayama, a market analyst at Tokyo-based Monex Inc. “That will raise concern about earnings at companies” in other regions, he said.
The MSCI Asia Pacific Index fell 0.5 percent to 126.60 as of 9:13 a.m. in Tokyo, with three stocks declining for every one that advanced. The gauge has climbed 16 percent from its low this year on May 25 amid signs a U.S. economic recovery is stabilizing and will support global growth.
Japan’s Nikkei 225 Stock Average lost 0.5 percent ahead of a Bank of Japan announcement today on its latest policies. Australia’s S&P/ASX 200 Index dropped 1.1 percent before today’s interest-rate decision from the Reserve Bank of Australia. New Zealand’s NZX 50 Index decreased 0.5 percent as a measure of business confidence fell to the lowest level since mid-2009.
U.S. Futures, Orders
Futures on the Standard & Poor’s 500 Index were little changed. The index lost 0.8 percent in New York yesterday after Goldman Sachs Group Inc. cut its ratings on Microsoft Corp., J.C. Penney Co. and Macy’s Inc. Deutsche Bank AG put Alcoa Inc. on its short-term “sell” list before the largest U.S. aluminum company starts the third-quarter earnings season on Oct. 7.
Separately, manufacturing orders in the U.S. declined 0.5 percent in August, following a revised 0.5 percent increase in July, the Commerce Department said yesterday in Washington. That exceeded the median estimate of a 0.4 percent drop from 64 economists in a Bloomberg survey. Bookings for non-military capital goods excluding planes increased 5.1 percent, the biggest gain since March.
In Asia, the Bank of Japan is scheduled to announce its latest policies today following a two-day meeting. The week of Oct. 24 is the peak for the region’s financial results, with more than a third of the 933 companies in the MSCI Asia Pacific Index scheduled to report that week, according to data compiled by Bloomberg.
The MSCI Asia Pacific Index has risen 5.1 percent this year on speculation growth in profits will weather Europe’s debt crisis, Chinese steps to curb property-price inflation and concern about the pace of the U.S. economic rebound. Stocks in the gauge trade at 14.1 times estimated earnings on average, compared with 13.6 times for the S&P 500 and 11.8 times for the Stoxx Europe 600 Index.
Copper futures for December delivery slid 0.7 percent in New York yesterday, the biggest loss for a most-active contract since Sept. 10. Oil for November delivery declined 0.1 percent to settle at $81.47 a barrel.
To contact the reporters on this story: Shani Raja in Sydney at sraja4@bloomberg.net. Satoshi Kawano in Tokyo skawano1@bloomberg.net.
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.
http://jodnet.blogspot.com
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