Wednesday, September 26, 2012

asian stock market drops 9/27/2012

asian stock market drops 9/27/2012 : Most Asian stocks fell as data from the U.S. to Italy added to concern that global economic growth is waning and Spanish borrowing costs soared amid violent protests against austerity measures.

Canon Inc. (7751), a Japanese camera maker that gets 80 percent of sales offshore, fell 1.9 percent. BHP Billiton Ltd., the world’s largest mining company, lost 0.4 percent as metals prices declined. Renesas Electronics Corp. (6723) advanced 3.6 percent after Kyodo reported a government-backed counter offer for the chipmaker may be double an earlier bid by KKR & Co.

The MSCI Asia Pacific (MXAP) Index slid 0.2 percent to 121.32 as of 9:12 a.m. in Tokyo, before markets in China and Hong Kong open, with more than two shares falling for every one that rose. The gauge climbed 3.7 percent this quarter through yesterday as central banks in Europe, the U.S., Japan and China took action to stimulate economic growth.

“Economic data is not improving,A sudden economic rebound would come close to a miracle and agreements on fiscal policy will be much harder to achieve than the recent monetary policy decisions.”

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