Asian stocks fell, on speculation China will raise interest rates and withdraw stimulus after the economy grew at the fastest pace in a year. The U.S. dollar advanced.
In Tokyo, the Nikkei 225 surrendered 66.22 points, or 0.6%, to 10,267.17.
In Hong Kong, the Hang Seng index faded 107.59 points, or 0.5%, to 22,210.52.
China Unicom Ltd., the nation’s number-two mobile-phone operator, slumped 3.5% in Hong Kong as the Chinese statistics bureau said inflationary expectations are rising. Sumitomo Mitsui Financial Group Inc. lost 2.7% in Tokyo after U.S. analyst Dick Bove downgraded Wells Fargo & Co. on concern loan losses may be accelerating.
LG Electronics Inc. fell 5% in Seoul after Credit Suisse Group AG cut its share-price target.
Esprit Holdings Ltd., the biggest Hong Kong-traded clothier, slid 2.6%, after first-quarter sales fell. Datang International Power Generation Co., China’s second-biggest electricity producer, dropped 2.6% after posting worse-than-expected profit.
The dollar gained against all 16 major counterparts as the Chinese economic figures sapped demand for risky assets. The U.S. currency advanced to $1.4983 U.S. per euro from $1.5016 U.S. in New York yesterday when it touched $1.5046 U.S., the weakest since August 2008.
Mitsubishi UFJ Financial Group Inc., Japan’s biggest publicly traded bank, dropped 3.1%.
Li & Fung Ltd., which supplies clothes and toys to Wal-Mart Stores Inc., fell 3.4%.
CHINA
The Shanghai’s 300 Composite Index fell back 21.96 points, or 0.7%, to 3,347.32.
China’s economy grew 8.9% in the third quarter, less than the 9% expected by economists in a Bloomberg News survey. Still, separate reports showed industrial production and retail sales grew at a faster pace in September.
Bank of Communications Corp., China’s number-four listed bank, sank 1.4%. Inflationary expectations are increasing in China as prices rise month-on-month.
Elsewhere:
Taiwan’s Taiex index slid 93.57 points, or 1.2%, to 7,607.93
Singapore’s Straits Times index staggered 10.58 points, or 0.4%, to 2,681.97
Korea’s Kospi index fell 23.53 points, or 1.4%, to 1,630.33
New Zealand’s NZX 50 Index subtracted 16.52 points, or 0.5%, to 3,201.70
Australia’s S&P/ASX 200 finished 25.80 points, or 0.5%, lower at 4,812.80
