Asian stocks fell, with the regional benchmark index retreating from a seven-month high, as investors await a report on U.S. jobs and a decision from the European Central Bank on monetary policy.
Japan’s Nikkei 225 index gained 33.71 points, or 0.2%, to 15,067.96.
The Hang Seng Index in Hong Kong reversed 139.33 points, or 0.6%, to 23,151.71
HTC Corp. tumbled 4.3% after sales slumped at the Taiwanese smartphone maker. Tokyo Electric Power Co. dropped 2% as utilities slid the most among the regional measure’s industry groups.
Australand Property Group climbed to an almost six-year high in Sydney after Frasers Centrepoint Ltd., a Singapore property company spun off from Fraser & Neave Ltd., trumped Stockland’s offer to buy the firm.
Japanese utilities retreated. Tepco fell 2%, Tohoku Electric Power Co. retreated 1% and Kansai Electric Power Co. declined 0.8%
Australand surged 5.6% and Stockland gained 1.8%. Frasers offered A$4.48 per share compared with Stockland’s A$4.43 all-share bid. Australand’s board said it intends to recommend the offer in the absence of a superior proposal.
JFE Holdings Inc. climbed 3.2% after Credit Suisse Group AG advised buying shares of the Japanese steelmaker.
Australian indices even after a report showed gross domestic product grew 1.1% last quarter from the previous period, beating economist forecasts.
Euro-area inflation slowed more than economists projected in May. ECB President Mario Draghi has signaled he will act to prevent deflation in the 18-nation bloc. Of 50 economists surveyed, 44 predict the ECB will become the first major central bank to take interest rates negative by cutting its deposit rate. All but two of 58 respondents said the benchmark rate would also be reduced.
In other markets;
Markets in Korea were shuttered for holiday
The Shanghai CSI 300 dropped 21.64 points, or 1%, to 2,128.27
Singapore’s Straits Times Index gave back 16.50 points, or 0.5%, to 3,280.17
In Taiwan, the Taiex index dipped 3.50 points to 9,119.46
In New Zealand, the NZX 50 was down 4.77 points, or 0.1%, to 5,159.35
Australia’s S&P/ASX 200 fell 34.85 points, or 0.6%, to 5,444.83
