Saturday, September 1, 2012

Asia Markets: Japan stocks lead losses for Asia

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) ? Japanese stocks fell sharply Friday in a generally weak session for major Asian markets with investors cautious ahead of Federal Reserve Chairman Ben Bernanke?s speech.

Japan?s Nikkei Stock Average /quotes/zigman/5986735 JP:100000018 -1.33% ?dropped 1.1%, as South Korea?s Kospi /quotes/zigman/1652118 KR:SEU +0.08% ?slipped 0.2%, and Australia?s S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO +0.04% also traded down 0.1%.

Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI -0.30% ?lost 0.3% and the Shanghai Composite Index /quotes/zigman/1859015 CN:000001 -0.01% /quotes/zigman/1859015 CN:000001 -0.01% traded flat as it continued to hover around three and a half year lows.

U.S. stocks joined in with global stock losses Thursday, as investors worried ahead of Bernanke?s speech that central banks won?t step in to support the global economy. Read more on U.S. stocks.

While the Shanghai and Hong Kong indexes are showing month-to-date losses, of 2.4% and 1.5%, respectively, the Nikkei Average has gained 2.2% so far this month, while the Kospi is up 1.1% and the S&P/ASX 200 has gained 1%.

Credit Agricole strategists said that investors were likely to take profits Friday as they remain wary ?ahead of the long-awaited speech by Fed?s Bernanke.?

?Given that a lot of good news has been priced in, risks of disappointment are high, and risk assets will come under heavy pressure in case of any under-delivery on policy easing,? they said.

Michael Gavin at Barclays Capital said that ?markets have been drifting sideways for the past several weeks because they have had little opportunity to learn about policy makers? intentions in a number of critical areas, mainly but not exclusively in Europe.?

Defending the East China Sea from China

The U.S. military is pivoting to East Asia as territorial flare-ups spread across the region.

?This is likely to remain the case until high-stakes policy announcements arrive,? he said, citing the European Central Bank?s meeting next week as a possible source of just such an announcement.

The Tokyo market came under notable selling pressure after data showed an unexpectedly negative reading on industrial production for July, with the numbers coming on the heels of Thursday?s downbeat retail-sales statistics. Read more on Japanese data.

Japanese firms among the major decliners in Tokyo on Friday included Nikon Corp. /quotes/zigman/195445 JP:7731 -2.88% ? /quotes/zigman/200723/quotes/nls/ninoy NINOY -2.42% ?down 2.8%, Suzuki Motor Corp. /quotes/zigman/197979 JP:7269 -3.51% ? /quotes/zigman/527614/quotes/nls/szkmy SZKMY +3.83% ?lower by 3.4%, and Honda Motor Co. /quotes/zigman/193651 JP:7267 -2.21% , down 2%.

Sharp Corp. /quotes/zigman/197304 JP:6753 -11.45% /quotes/zigman/197313/quotes/nls/shcaf SHCAF -2.67% ?tumbled 9.3% after Taiwan?s Hon Hai Precision Industry Co. /quotes/zigman/190672 TW:2317 -1.52% ? /quotes/zigman/215125/quotes/nls/hnhpf HNHPF -5.70% , down 0.8% in Taipei, reportedly said talks to renegotiate its investment in the Japanese firm had yet to reach a conclusion.

Auto-parts maker Denso Corp /quotes/zigman/164266 JP:6902 -3.78% ? /quotes/zigman/164272/quotes/nls/dnzof DNZOF -1.44% ?fell 4.4% while dump-truck and excavator producer Hitachi Construction Machinery Co. /quotes/zigman/529196/quotes/nls/htcmy HTCMY +1.21% ? /quotes/zigman/198746 JP:6305 -2.41% ?lost 2.2% after a downgrade to neutral at MUFJ.

Japanese steel mill owners were also losing ground after a Nikkei report that an influx of inexpensive Chinese steel has forced some Japanese producers to take asset-impairment charges for their mills.

The report cited problems for Nippon Steel Corp. /quotes/zigman/196304 JP:5401 -4.38% ? /quotes/zigman/196313/quotes/nls/nistf NISTF -14.80% , down 3.8%, and Sumitomo Metal Industries Ltd. /quotes/zigman/197855 JP:5405 -4.27% ? /quotes/zigman/197865/quotes/nls/smmlf SMMLF -1.04% , down 3.4%.

The report said that the two firms ? which are due to merge in October ? plan to book a combined 240 billion yen ($3.1 billion) extraordinary charge for April-September and post losses wider than their previous outlooks. Read more on reported headwinds for Japan steel firms.

However, some Australian miners managed to take back some of the week?s steep losses, with Rio Tinto Ltd. /quotes/zigman/176317 AU:RIO +1.21% ? /quotes/zigman/182541/quotes/nls/rio RIO -1.96% ? /quotes/zigman/155899 UK:RIO -2.09% ?up 1% and Mount Gibson Iron Ltd. /quotes/zigman/296817 AU:MGX +4.57% ?up 4.3%.

Property firms were solid performers in Hong Kong after a sharp drop in the previous session, with Henderson Land Development Co. /quotes/zigman/14038/quotes/nls/hldvf HLDVF -4.06% ? /quotes/zigman/14039 HK:12 +1.61% ?and Sino Land Co. /quotes/zigman/14435 HK:83 +0.95% ? /quotes/zigman/134942/quotes/nls/snlay SNLAY +1.06% ?each higher by 1.6%.

Citigroup analysts said Hong Kong?s new land and housing policies, announced late Thursday, were ?relatively mild? and added ?we believe H.K. property stocks may recover.?

The measures, meant to cool rapidly rising real-estate prices in the territory, included plans for 65,000 new residential apartments in the next three to four years.

Insurers were also advancing, with China Life Insurance Co. /quotes/zigman/29330 HK:2628 -0.24% ? /quotes/zigman/336639/quotes/nls/lfc LFC +0.97% ? and Ping An Insurance Co. /quotes/zigman/8216 HK:2318 -0.18% ? /quotes/zigman/372285/quotes/nls/pngay PNGAY -0.69% ?rising 1.2% each.

On the downside in Hong Kong, shipper China Merchants Holdings International Co. /quotes/zigman/12503 HK:144 -2.41% ? /quotes/zigman/12505/quotes/nls/cmhhf CMHHF +2.31% ?fell 2.9% after announcing that it has bought a 50% stake in Togo container-terminal operator Thesar Maritime Ltd. for 150 million euros ($188 million). Read more on China Merchants acquisition.

Among other Hong Kong decliners, Citic Pacific Ltd. /quotes/zigman/14281 HK:267 -5.68% ? /quotes/zigman/295956/quotes/nls/ctpcy CTPCY -3.99% ?lost 3.1%, while Li & Fung Ltd. /quotes/zigman/4522657 HK:494 -2.18% ? /quotes/zigman/529778/quotes/nls/lfugy LFUGY -0.46% ?dropped 1.6%.

In South Korea, a 0.7% advance for LG Electronics Inc. KR:066570 -1.12% ? /quotes/zigman/302529/quotes/nls/lgeiy LGEIY 0.00% was offset by a 0.5% decline for index heavyweight Samsung Electronics Inc. KR:005930 -1.22% ? /quotes/zigman/189458/quotes/nls/ssnlf SSNLF +5.36%

/quotes/zigman/5986735

JP : Nikkei Idx

Volume: 0.00

Aug. 31, 2012 1:57p

/quotes/zigman/1652118

KR : South Korea

Volume: 455.31M

Aug. 31, 2012 1:57p

/quotes/zigman/1653884

AU : Australia: Sydney

Volume: 0.00

Aug. 31, 2012 2:57p

/quotes/zigman/2622475

HK : HangSeng Ind

Volume: 0.00

Aug. 31, 2012 1:02p

/quotes/zigman/1859015

CN : China: Shanghai

Volume: 24.27M

Aug. 31, 2012 1:02p

/quotes/zigman/1859015

CN : China: Shanghai

Volume: 24.27M

Aug. 31, 2012 1:02p

/quotes/zigman/195445

JP : Japan: Tokyo

? 2,157.00

-64.00 -2.88%

Volume: 1.49M

Aug. 31, 2012 1:57p

Market Cap

?901.58 billion

Rev. per Employee

?38.30M

/quotes/zigman/200723/quotes/nls/ninoy

US : U.S.: OTCBB

Volume: 743.00

Aug. 30, 2012 3:59p

/quotes/zigman/197979

JP : Japan: Tokyo

? 1,428.00

-52.00 -3.51%

Volume: 1.47M

Aug. 31, 2012 1:57p

Market Cap

?838.21 billion

Rev. per Employee

?46.80M

/quotes/zigman/527614/quotes/nls/szkmy

US : U.S.: OTCBB

Volume: 200.00

Aug. 22, 2012 2:42p

/quotes/zigman/193651

JP : Japan: Tokyo

? 2,477.00

-56.00 -2.21%

Volume: 2.20M

Aug. 31, 2012 1:57p

Market Cap

?4635.45 billion

Rev. per Employee

?46.34M

/quotes/zigman/197304

JP : Japan: Tokyo

Volume: 138.45M

Aug. 31, 2012 1:57p

Market Cap

?255.46 billion

Rev. per Employee

?40.07M

/quotes/zigman/197313/quotes/nls/shcaf

US : U.S.: OTCBB

Volume: 2,000

Aug. 30, 2012 9:33a

Rev. per Employee

$510,748

/quotes/zigman/190672

TW : Taiwan

Volume: 56.67M

Aug. 31, 2012 12:57p

Market Cap

NT$987.67 billion

Rev. per Employee

NT$3.88M

/quotes/zigman/215125/quotes/nls/hnhpf

US : U.S.: OTCBB

Volume: 12,996

Aug. 30, 2012 1:37p

/quotes/zigman/164266

JP : Japan: Tokyo

? 2,622.00

-103.00 -3.78%

Volume: 2.17M

Aug. 31, 2012 1:57p

Market Cap

?2406.43 billion

Rev. per Employee

?27.03M

/quotes/zigman/164272/quotes/nls/dnzof

US : U.S.: OTCBB

Volume: 137.00

Aug. 30, 2012 1:48p

Rev. per Employee

$343,686

/quotes/zigman/529196/quotes/nls/htcmy

US : U.S.: OTCBB

Volume: 1,990

Aug. 14, 2012 2:59p

/quotes/zigman/198746

JP : Japan: Tokyo

? 1,298.00

-32.00 -2.41%

Volume: 1.44M

Aug. 31, 2012 1:57p

Market Cap

?293.63 billion

Rev. per Employee

?38.59M

/quotes/zigman/196304

JP : Japan: Tokyo

Volume: 46.28M

Aug. 31, 2012 1:56p

Market Cap

?1129.96 billion

Rev. per Employee

?67.20M

/quotes/zigman/196313/quotes/nls/nistf

US : U.S.: OTCBB

Volume: 1,091

Aug. 30, 2012 1:45p

Rev. per Employee

$855,531

/quotes/zigman/197855

JP : Japan: Tokyo

Volume: 19.09M

Aug. 31, 2012 1:55p

Market Cap

?581.52 billion

Rev. per Employee

?65.56M

/quotes/zigman/197865/quotes/nls/smmlf

US : U.S.: OTCBB

Volume: 1,000

April 4, 2012 11:12a

/quotes/zigman/176317

AU : Australia: Sydney

Volume: 8.16M

Aug. 31, 2012 2:57p

Rev. per Employee

$821,334

/quotes/zigman/182541/quotes/nls/rio

US : U.S.: NYSE

Volume: 4.84M

Aug. 30, 2012 4:00p

Rev. per Employee

$836,487

/quotes/zigman/155899

UK : U.K.: London

Volume: 8.41M

Aug. 30, 2012 4:35p

Market Cap

?39.13 billion

Rev. per Employee

?527,959

/quotes/zigman/296817

AU : Australia: Sydney

Volume: 7.28M

Aug. 31, 2012 2:57p

Market Cap

$808.87 million

Rev. per Employee

$917,883

/quotes/zigman/14038/quotes/nls/hldvf

US : U.S.: OTCBB

Volume: 15,652

Aug. 30, 2012 3:12p

/quotes/zigman/14039

HK : Hong Kong

Volume: 2.12M

Aug. 31, 2012 1:01p

Market Cap

HK$116.10 billion

Rev. per Employee

HK$1.55M

/quotes/zigman/14435

HK : Hong Kong

Volume: 4.30M

Aug. 31, 2012 1:02p

Market Cap

HK$78.86 billion

Rev. per Employee

HK$1.87M

/quotes/zigman/134942/quotes/nls/snlay

US : U.S.: OTCBB

Volume: 975.00

Aug. 29, 2012 10:38a

Rev. per Employee

$239,958

/quotes/zigman/29330

HK : Hong Kong

Volume: 9.29M

Aug. 31, 2012 1:01p

Market Cap

HK$580.44 billion

Rev. per Employee

HK$4.32M

/quotes/zigman/336639/quotes/nls/lfc

US : U.S.: NYSE

Volume: 237,698

Aug. 30, 2012 4:02p

Rev. per Employee

$556,683

/quotes/zigman/8216

HK : Hong Kong

Volume: 5.04M

Aug. 31, 2012 1:02p

Market Cap

HK$402.06 billion

/quotes/zigman/372285/quotes/nls/pngay

US : U.S.: OTCBB

Volume: 33,157

Aug. 30, 2012 3:54p

/quotes/zigman/12503

HK : Hong Kong

Volume: 2.41M

Aug. 31, 2012 1:01p

Source: http://www.marketwatch.com/news/story.asp?guid=%7B63345D1A-F2F7-11E1-9007-002128049AD6%7D&siteid=rss

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