Asian stocks fell for the fifth time in six days after the
Federal Reserve pressed on with cuts to U.S. economic stimulus and as a report
showed China’s manufacturing industry contracted.
Honda Motor Co., which gets 83 percent of its auto sales
abroad, declined 2.1 percent as Japanese exporters retreated after the yen
strengthened. Treasury Wine Estates Ltd. (TWE) slumped by a record 18 percent
in Sydney as the world’s second-largest publicly traded wine maker said
first-half earnings fell. Hitachi Metals Ltd. surged 4.6 percent after profit
at the Japanese steel manufacturer topped analyst estimates.
The MSCI Asia Pacific Index lost 1.8 percent to 134.33 as
of 9:56 a.m. in Hong Kong, with all 10 industry groups on the gauge falling.
The measure has dropped 5 percent in January, on course for the biggest monthly
slump since May as part of a global equities rout sparked by
weaker-than-expected economic data from China and a sell-off in emerging-market
currencies.
(Source: bloomberg)
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