Asian stocks fell, with the regional benchmark index heading for a third-day of losses, after improving U.S. economic data added to concern the Federal Reserve will scale back its stimulus.
Nissan Motor (7201) Co., a Japanese carmaker that makes 34 percent of its sales in North America, slid 2.7 percent. BHP Billiton Ltd. (BHP), Australia’s biggest oil producer, dropped 1.1 percent, pacing declines among raw-material companies, as brent crude dropped below $100 a barrel. Cochlear Ltd. (COH) slumped 10 percent in Sydney after the maker of implant systems for the hearing impaired revised fiscal year estimates on slower growth in the U.S.
Enlarge image Asian Stocks Fall as Improving U.S. Data Stokes Fed Exit Concern
A pedestrian carrying an umbrella walks past an electronic stock board displaying the Nikkei 225 Stock Average figure and other indices outside a securities firm in Tokyo. Photographer: Yuriko Nakao/Bloomberg
The MSCI Asia Pacific Index dropped 0.5 percent to 134.16 at 9:38 a.m. in Tokyo, before markets in Hong Kong and China open. The measure declined 5.1 percent last month, the first monthly drop in seven months.
The MSCI Asia Pacific Index retreated 6.6 percent through last week from the closing level on May 20, which was the highest since June 2008. Asia’s benchmark traded at 13.2 times average estimated earnings on May 31, compared with multiples of 14.8 for the Standard & Poor’s 500 Index and 13.2 for the Europe 600 Index, according to data compiled by Bloomberg.
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