The MSCI Asia Pacific Index (MXAP) lost 0.2 percent as of 9:23 a.m. in Tokyo. The Nikkei 225 Stock Average slid 0.8 percent. Futures on the Standard & Poor’s 500 Index added 0.2 percent. The Australian dollar advanced 0.2 percent and the won declined against all of its major counterparts.
Spain is issuing as much as 2.5 billion euros in two- and 10-year bonds, while France has set a maximum target of 11 billion euros for securities including 2017 notes and 2018 inflation-linked debt. Japanese shares fell even after the nation reported the fastest export growth in a year and a smaller-than-expected trade deficit.
South Korea’s Kospi index and Australia’s S&P/ASX 200 Index added 0.2 percent. Nippon Sheet Glass Co. sank 5.2 percent in Tokyo as the company said Chief Executive Craig Naylor quit after clashing with the board over the company’s strategy.
Brazil cut its benchmark interest rate to a near-record low, as slowing inflation creates space for the central bank to continue stimulating growth in Latin America’s biggest economy. Policy makers led by bank President Alexandre Tombini lowered the Selic rate by 75 basis points for the second straight meeting to 9 percent, as forecast by 67 of 69 analysts in a Bloomberg survey.
Spain’s non-performing loans as a proportion of total lending jumped to 8.16 percent in February, the highest level since 1994, from less than 1 percent in 2007, the Bank of Spain said yesterday. The ratio rose from 7.91 percent in January as 3.8 billion euros ($5 billion) of loans soured.
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