Most Asian stocks fell, after the regional benchmark index posted a fifth week of gains, and U.S. futures dropped amid an escalation of violence in Iraq.
Korean Air Lines Co. sank 2.3 percent, pacing a retreat among industrial firms as Brent crude oil prices advanced. Panasonic Corp. (6752) led consumer shares lower, dropping 1 percent in Tokyo. Echo Entertainment Group Ltd. surged 7 percent in Sydney after the casino operator said its profit forecast is above market expectations.
The MSCI Asia Pacific Index (MXAP) lost 0.1 percent to 143.98 as of 11:12 a.m. in Hong Kong, with about five shares falling for every three that rose. The measure last week completed its longest weekly winning streak in 10 months, pushing the gauge to its highest level since June 2008 as data indicated China’s economy is stabilizing and the U.S. recovery is intact. Futures on the S&P 500 dropped 0.4 percent today.
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