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Asian Equities Fall as Oil Slides

Asian stocks slipped from a six-week high as Brent crude oil near a four-year low led mining and energy stocks down and SoftBank Corp. slumped after projecting its first profit decline in nine years. The dollar was weaker against most major currencies.

The MSCI Asia Pacific Index lost 0.5 percent by 11:06 a.m. in Tokyo, as a sub-index of energy stocks slipped 1.1 percent for the second-biggest drop among 10 industry groups. SoftBank tumbled 3.4 percent amid losses at U.S. unit Sprint Corp. The yen was little changed for a second day after plunging 5.5 percent against the dollar in the five days through Nov. 3. Brent was at $82.79 in London while oil in New York rose 0.2 percent from a three-year-low.

Japan’s Topix index surged 7 percent in the two previous trading days, adding about $113 billion to the country’s market value even as the yen plunged in response to the Bank of Japan unexpectedly expanding its record stimulus. BOJ Governor Haruhiko Kuroda speaks in Tokyo today, while a gauge of Chinese services slipped. Oil has tumbled as supplies grow amid declining demand, with a report today estimated to show American crude stockpiles rose for a fifth week.

Bloomberg [1]

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