Asian stocks fell, paring the regional benchmark index’s rally this month, as the Asian Development Bank cut economic growth forecasts and Australia said its economy will contract this year.
Japan's Nikkei 225 Average continued its losing streak, losing 126.55 points, or 1.5% to 8,109.53. Japanese Prime Minister Taro Aso said after markets closed that his government will compile a third economic stimulus package by mid-April.
Mizuho Financial Group Inc., Japan’s second-largest publicly traded lender, fell 4.6% ahead of a central bank report tomorrow that’s expected to show confidence among the nation’s manufacturers collapsed. IHI Corp., Japan’s number-three heavy machinery manufacturer, jumped 3.7% after saying an annual net loss was narrower than it had forecast.
Tokio Marine Holdings Inc., the nation’s biggest casualty insurer, dropped 5.9%.
In Hong Kong, the Hang Seng Index gained back 119.69, or 0.9% after Monday’s collapse, to close at 13,576.02.
Economies in Asia excluding Japan will grow 3.4% this year, less than a 5.8% estimate in early December, the Asian Development Bank said in a report today. Japan’s statistics bureau said today the nation’s jobless rate rose to 4.4% last month, the highest level in three years.
Compal Electronics Inc., the world’s second-largest maker of notebook computers, surged 3.2% in Taipei as it boosted factory employee numbers in China amid rising demand.
National Australia Bank Ltd. slumped 3.3% in Sydney as the central bank warned of "difficult times ahead." Woodside Petroleum Ltd. declined 2.8% as oil plunged the most in four weeks.
Macarthur Coal Ltd., the world’s biggest exporter of pulverized coal used in steelmaking, fell 6.6%. BHP Billiton Ltd., the world’s largest mining company, slipped 2%.
CHINA
China’s Shanghai Composite Index gained 23.30 points, or 0.9%, Tuesday to 2,507.79. Shanghai has been the region’s best performing benchmark gauge in 2009, posting a 30% rally in the first three months of the year amid expectations stimulus measures to revive growth. Baoshan Iron & Steel Co. lost 1% in Shanghai after saying product prices will stay low.
Elsewhere:
Singapore’s Straits Times Index picked up 26.85 points, or 1.6% to 1,699.99
South Korea’s Kospi Composite Index advanced 8.8 points, or 0.7%, to 1,206.26
Taiwan’s Taiex Index gained 4.79 points, or 0.1%, to 5,210.84
New Zealand’s NZX Index subtracted 51.59 points, or 2% to 2,590.39
Australia's S&P/ASX 200 index retreated 22.30 or 0.6%, to end the day at 3,582.10
