Stocks in Asia mostly dropped, led by Japanese shares, as investors awaited a meeting of European finance ministers to tackle the debt crisis.
The Nikkei 225 Index dipped back 93.71 points, or 1.1%, to 8,769.59, as markets reopened following yesterday’s holiday.
In Hong Kong, the Hang Seng Index acquired 112.72 points, or 0.5%, to 21,397.28
Canon Inc., a camera maker that gets about 31% of its sales from Europe, fell 1.4% in Tokyo. HTC Corp. tumbled 7 percent in Taipei after Asia’s number-two smartphone maker posted a record decline in quarterly profit.
Markets in Australia gained 0.5% after a survey showed business confidence recovered in September amid prospects of interest-rate cuts. The Reserve Bank of Australia trimmed its benchmark rate on Oct. 2.
German Chancellor Angela Merkel is scheduled to visit Greece today as European finance ministers hailed the nation’s efforts to cut its budget, raising chances that aid will keep flowing to the recession-wracked country.
The world economy will expand 3.3% this year, the slowest pace since the 2009 recession, and 3.6% next year, the IMF said today. That compares with July predictions of 3.5% in 2012 and 3.9% for 2013.
Exporters dropped. Canon lost 1.4% in Tokyo. Sony Corp., Japan’s biggest exporter of consumer electronics, sank 3.6%
HTC sank 7% in Taipei. The smartphone maker reported third-quarter net income dropped 79 percent from a year earlier to NT$3.9 billion ($133 million U.S.). The results missed the NT$4.43-billion average of eight analysts’ estimates compiled by Bloomberg.
Sharp Corp., a Japanese electronics maker on course to post a second straight full-year loss, slumped 15% in Tokyo, the lowest close in at least 38 years. Goldman Sachs Group Inc. cut its rating on the stock to sell from neutral, saying the company’s financial situation may continue deteriorate even if gets support from creditors.
Raw-material producers advanced after crude and copper futures rebounded. BHP Billiton, the world’s number-one mining company and Australia’s largest oil producer, added 0.7% in Sydney. PetroChina, China’s biggest energy company, climbed 2.1% in Hong Kong.
CHINA
Chinese banks were among the biggest contributors to gains of the indices today.
The Shanghai CSI 300 index progressed 50.10 points, or 2.2%, to 2,320.16
Industrial & Commercial Bank of China Ltd., the world’s biggest lender by market value, gained 1.3% in Shanghai. China Construction Bank Corp., the country’s second-largest lender, rose 2%.
In other markets
The Singapore Straits Times Index gathered 21.23 points, or 0.7%, to 3,107.87
Korea’s Kospi index added 2.49 points, or 0.1%, to 1,995.17
Taiwan’s Taiex Index strengthened 8.31 points, or 0.1%, to 7,690.65
New Zealand’s NZX index tacked on 22.86 points, or 0.6%, to 3,904.85
Australia’s ASX Index picked up 42.03 points, or 0.9%, to 4,494.38
