Nikkei: 8,545.48 (–154.81) Hang Seng: 16,822.15 (–770.26) Shanghai Comp: 2,359.22 (–6.12):ASIAN STOCKS fell yesterday, after US consumer spending slowed as incomes unexpectedly dropped, souring the earnings outlook for exporters.
“The US is not falling into recession, but it’s definitely slowing down,” said Diane Lin, fund manager with Sydney-based fund Pengana Capital. “We might face more risks, particularly in a market that hasn’t had enough of a correction.”
Sony plunged 4.5 per cent to ¥1,439 at the close of trading in Tokyo on speculation the yen’s appreciation and falling demand for televisions will hurt earnings.
Toyota dropped 2 per cent to ¥2,635. Canon, the biggest global camera-maker, slid 1.7 per cent to ¥3,490.
James Hardie declined 3.5 per cent to A$5.55 in Sydney.
In Hong Kong, Li Fung, a supplier of toys and clothes to Wal-Mart Stores, sank 5.9 per cent to HK$12.44. HSBC fell 4.2 per cent to HK$58.35.
Mitsubishi UFJ Financial, Japan’s top lender by market value, slid 2.8 per cent to ¥344.
Commonwealth Bank of Australia, the nation’s biggest bank, slid 3.7 per cent to A$43.88 in Sydney. – (Bloomberg)
