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Asian stocks dropped, with the regional benchmark index sliding from its biggest weekly gain in seven months, as investors await data on Chinese economic growth after U.S. retail sales fell unexpectedly.
Nissan, a Japanese carmaker that gets 32 percent of sales from North America, declined 2.1 percent. Newcrest Mining, Australia’s biggest gold producer, sank 6.9 percent in Sydney, after the bullion tumbled to to the lowest price in almost two years. Mando, a South Korean supplier of automotive parts, tumbled 15 percent after announcing plans to support unprofitable Halla Engineering & Construction.
The MSCI Asia Pacific index slipped 0.2 percent, to 137.86, as of 10:17 a.m. Monday in Tokyo before markets opened in Hong Kong and China. The gauge jumped 3.5 percent last week, the biggest weekly gain since September, as the yen traded near 100 per dollar and slower-than-estimated inflation in China eased concern about monetary-policy tightening.
Retail sales in the United States dropped in March by the largest amount in nine months, government data released Friday showed.
“On a short-term basis, there’s concern over the fact that we’re getting slightly softer data out [of] the U.S. in the past week,” said Angus Gluskie, managing director at Sydney-based White Funds Management, which oversees more than $350 million. “Over the medium-term, there’s probably more upside for the market as we get indications of a synchronized improvement in the global economy.”
Japan’s Nikkei 225 Stock Average fell 0.8 percent after the U.S. Treasury Department said it would urge Japan to refrain from pursuing policies to devalue its currency. The nation’s economy has shown signs of picking up, Bank of Japan Governor Haruhiko Kuroda said Monday in Tokyo.
South Korea’s Kospi index slid 0.4 percent, while Taiwan’s Taiex index was little changed. Australia’s S&P/ASX 200 index dropped 0.7 percent, and New Zealand’s NZX 50 index was little changed.
The MSCI Asia Pacific index traded at 13.9 times estimated earnings compared with 14.4 for Standard & Poor’s 500 index and 12.6 times for the Stoxx Europe 600 index, according to data compiled by Bloomberg News.
S&P 500 futures were little changed. The gauge lost 0.3 percent Friday after the retail sales report and while commodities plunged and a gauge of consumer sentiment slipped.
Nissan, a Japanese carmaker that gets 32 percent of sales from North America, declined 2.1 percent. Newcrest Mining, Australia’s biggest gold producer, sank 6.9 percent in Sydney, after the bullion tumbled to to the lowest price in almost two years. Mando, a South Korean supplier of automotive parts, tumbled 15 percent after announcing plans to support unprofitable Halla Engineering & Construction.
The MSCI Asia Pacific index slipped 0.2 percent, to 137.86, as of 10:17 a.m. Monday in Tokyo before markets opened in Hong Kong and China. The gauge jumped 3.5 percent last week, the biggest weekly gain since September, as the yen traded near 100 per dollar and slower-than-estimated inflation in China eased concern about monetary-policy tightening.
Retail sales in the United States dropped in March by the largest amount in nine months, government data released Friday showed.
“On a short-term basis, there’s concern over the fact that we’re getting slightly softer data out [of] the U.S. in the past week,” said Angus Gluskie, managing director at Sydney-based White Funds Management, which oversees more than $350 million. “Over the medium-term, there’s probably more upside for the market as we get indications of a synchronized improvement in the global economy.”
Japan’s Nikkei 225 Stock Average fell 0.8 percent after the U.S. Treasury Department said it would urge Japan to refrain from pursuing policies to devalue its currency. The nation’s economy has shown signs of picking up, Bank of Japan Governor Haruhiko Kuroda said Monday in Tokyo.
South Korea’s Kospi index slid 0.4 percent, while Taiwan’s Taiex index was little changed. Australia’s S&P/ASX 200 index dropped 0.7 percent, and New Zealand’s NZX 50 index was little changed.
The MSCI Asia Pacific index traded at 13.9 times estimated earnings compared with 14.4 for Standard & Poor’s 500 index and 12.6 times for the Stoxx Europe 600 index, according to data compiled by Bloomberg News.
S&P 500 futures were little changed. The gauge lost 0.3 percent Friday after the retail sales report and while commodities plunged and a gauge of consumer sentiment slipped.
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