Asian Stocks Fall as Roubini, U.S. Data Fuel Growth Concerns
Asian stocks fell for a third day, led by technology and mining companies, as economist Nouriel Roubini said share prices may drop and a report showed the U.S. lost more jobs than estimated.
Samsung Electronics Co., which gets 19 percent of sales from America, dropped 3 percent. Mitsui & Co., which counts commodities as its biggest source of profit, lost 2.3 percent after oil and metal prices decreased. Fast Retailing Co., Japan’s biggest casual-clothing retailer, climbed 12 percent after sales at its Uniqlo chain surged.
The MSCI Asia Pacific Index declined 0.6 percent to 113.83 as of 12:59 p.m. in Tokyo. The gauge fell 2.8 percent last week, the biggest drop since the five days ended Aug. 21, on concern a seven-month rally had outpaced the prospects for a revival in the global economy.
“The expectations of recovery that gave the market an extra boost have come apart,” said Masaru Hamasaki, a senior strategist at Toyota Asset Management Co., which oversees the equivalent of $14 billion.
original post @ Bloomberg