Asian stocks dropped, as U.S. President Barack Obama authorized air strikes in Iraq.
The Nikkei 225 in Tokyo collapsed 454 points, or 3%, to 14,778.37,
The Hang Seng Index in Hong Kong ditched 56.15 points, or 0.2%, to 24,331.41
Nikon Corp. slumped 9.4% in Tokyo after the camera maker reduced its profit forecast. Taiyo Yuden Co. plunged 8.9% as the Japanese maker of electronic components cut its net-income target.
Melco Crown Entertainment Ltd. dropped 3.9% in Hong Kong after the Macau casino operator posted earnings that missed estimates and said its Taiwan branch was indicted for alleged foreign-exchange violations.
The Bank of Japan maintained record stimulus after recent production and export data highlighted weakness that could challenge Governor Haruhiko Kuroda’s push to stoke faster inflation. The central bank kept current policy of expanding the monetary base by 60 trillion yen ($589.4 billion U.S.) to 70 trillion annually.
Nippon Electric Glass Co. dropped 8.8% after the supplier of glass used in electronic devices reduced its nine-month net-income forecast.
China Unicom Hong Kong Ltd. dropped 1.7% after posting second-quarter profit that missed analyst estimates.
CHINA
The Shanghai CSI 300 index regained 3.68 points, or 0.2%, to 2,331.13
A report today showed China’s export growth unexpectedly accelerated in July and the trade surplus surged to a record as imports fell.
Overseas shipments increased 14.5% from a year earlier, the Beijing-based customs administration said today, compared with the median projection of 7% in a survey. Imports dropped 1.6%, leaving a trade surplus of $47.3 billion U.S.
In other markets;
In Singapore, the Straits Times STI Index slid 25.33 points, or 0.8%, to 3,288.89
In Korea, the Kospi index was down 23.41 points, or 1.1%, to 2,031.10
The Taiex Index in Taiwan dropped 45.48 points, or 0.5%, to 9,085.96
In New Zealand, the NZX 50 lost 42.31 points, or 0.8%, to 5,055.20
Australia’s S&P/ASX 200 jettisoned 73.70 points, or 1.3%, to 5,435.31
