Asian stocks fell, as U.S. retail sales declined and Leighton Holdings Ltd. cut its profit target.
The Nikkei 225 Stock Average retreated 246.76 points, or 2.6%, to 9,093.73
The Hang Seng Index in Hong Kong tumbled 517.93 points, or 3%, to 16,541.69
Sony Corp., the world’s number-two maker of consumer electronics, slumped 6.8% ahead of forecasting a second-straight annual loss.
Leighton Holdings Ltd., Australia’s biggest builder, fell 7.5% after slashing its full-year forecast by 10%.
Rio Tinto Group, the world’s third-largest mining company, tumbled 12% in Sydney, falling for a second day after the Daily Telegraph reported the company may sell shares.
Panasonic Corp., the world’s biggest consumer-electronics maker, lost 4.4% after the Yomiuri newspaper reported the company may forecast a net loss.
Hong Kong Exchanges & Clearing Ltd., operator of Asia’s third-biggest stock market, fell 7.1% after its chairman said it was "difficult to say" if profit had hit bottom. Alumina Ltd. slumped 12% in Sydney on speculation China has boosted aluminum production.
Canon Inc., which gets a third of its sales from the Americas, declined 4.8%.
BHP Billiton Ltd., the world’s biggest mining company, sank 6.2% as the U.S. retail sales report fanned concern falling consumer spending will curb demand for resources. Crude oil for June delivery lost 1.4% to $58.02 U.S. a barrel in New York, the steepest drop since April 27. Copper futures declined 2.6%.
Lower crude prices prompted Inpex Corp., Japan’s largest oil and gas explorer, to forecast a 61% tumble in net income this fiscal year, a filing with the exchange showed yesterday. The stock slumped 6.1%.
Elsewhere:
China’s Shanghai 300 Composite Index stepped back 21.41 points, or 0.8%, to 2,792.60
Singapore’s Straits Times Index gave back 63.18 points, or 2.9% to 2,122.11
South Korea’s Kospi index fell 33.57 points, or 2.4% to 1,380.95
Taiwan’s Taiex index stumbled 120.97 points, or 1.9% to 6,364.17
New Zealand’s NZX 50 Index moved 35.44, or 1.3%, lower, to 2,776.12.
Australia’s S&P/ASX 200 was off 132.70 points, or 3.4% to 3,723.40.
