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[休闲其它] Asian Stocks Decline for Third Week on Global Economic Recession Concerns [推广有奖]

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scofieldkang 发表于 2011-9-24 10:15:08 |显示全部楼层 |坛友微信交流群

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   Asian stocks tumbled this week, with a regional index falling by the most in almost three years, amid intensifying concern that the global economy is headed for a recession.
Esprit Holdings Ltd. (330), a Hong Kong-listed clothing retailer that gets most of its sales in Europe, tumbled 33 percent this week as the currency union’s risk watchdog warned of growing threats to global financial markets. Honda Motor Co., Japan’s second-largest carmaker, sank 7.1 percent. BHP Billiton Ltd. (BHP), the world’s No. 1 mining company by market value, slid 9.6 percent, and Cnooc Ltd., China’s largest offshore oil producer, tumbled 15 percent as commodity prices tumbled after the U.S. Federal Reserve warned of “significant” risks to the economy.
  “It would be flippant to suggest this is just a blip,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne. “The aggressive selling of equity markets seems to reflect a heightened probability that the world is moving toward a recession. There’s also a sense that policy makers globally are limited in their ability to alleviate the situation because of the need for fiscal austerity.”
    The MSCI Asia Pacific excluding Japan Index fell 10.3 percent this week to 371.85. Japanese markets were closed Sept. 19 and Sept. 23 for public holidays.
Bear Markets The MSCI Asia Pacific Index, which is heavily weighted to Japanese stocks, dropped 7.1 percent this week, taking its losses from a May 2 high to more than 20 percent. The gauge joined other global indexes in entering bear markets for the first time in more than two years amid concern the worsening European debt crisis and a slowdown in the U.S. economy will stall global growth and hurt earnings.
Stocks in the Asian benchmark are valued at about 11.4 times estimated earnings on average, compared with 11.4 times for the Standard & Poor’s 500 Index and 9.1 times for the Stoxx 600.
Hong Kong’s Hang Seng Index (HSI) tumbled 9.2 percent, and the MSCI China Index sank 11 percent, their third-worst weekly declines since at least August 2001, after a report showed China’s manufacturing may contract for a third month in September.
New Zealand’s NZX 50 Index, which through Sept. 22 was the only developed market benchmark index to have recorded any gain this year, fell 0.3 percent, erasing its advance for 2011 and joining a global bear market that has wiped more than $8 trillion from equities in the past two months.
Regional Benchmarks Japan’s Nikkei 225 (NKY) Stock Average sank 3.4 percent for its holiday-shortened trading week. South Korea’s Kospi Index dropped 7.8 percent. Australia’s S&P/ASX 200 Index lost 5.9 percent, and Singapore’s Straits Times Index retreated 3.2 percent. Indonesia’s Jakarta Composite Index tumbled 11 percent, the worst performance of any benchmark index in Asia.
Esprit tumbled 33 percent to HK$8.23, and Li & Fung Ltd. (494), a supplier of toys and clothes to Wal-Mart Stores Inc., slid 12 percent to HK$12.52 this week in Hong Kong. Honda dropped 7.1 percent to 2,275 yen in Tokyo. Billabong International Ltd. (BBG), a surfwear maker that gets about 70 percent of sales from the Americas and Europe, fell 8.5 percent to A$3 in Sydney.
Volatility Soars Market fluctuations have driven gauges of volatility up across the region, with Hong Kong’s HSI Volatility Index jumping 29 percent this week and a similar measure in Korea advancing 30 percent. Five-day implied volatility on the Asia Pacific excluding Japan Index jumped 45 percent this week, according to data compiled by Bloomberg.
“There are significant downside risks to the economic outlook, including strains in global financial markets,” the Federal Open Market Committee said on Sept. 21. The central bank will buy securities with maturities of six to 30 years through June while selling an equal amount of debt maturing in three years or less, it also said.
“The Fed delivered exactly what had been expected,” said Angus Gluskie, who manages more than $300 million at White Funds Management in Sydney. “All underlying measures of credit risk are rising and there are numerous examples of banks having to resort to unusual measures to obtain funding. Under the surface, we are moving quickly into a secondary credit crisis.”
Threats Increase The European Systemic Risk Board said threats to the financial system have increased “considerably” amid a worsening debt crisis in Europe. The International Monetary Fund said the sovereign-debt issue has generated as much as 300 billion euros ($406 billion) in credit risk for European banks that will face “funding challenges.”
Italy’s credit rating was cut by Standard & Poor’s this week, the country’s first downgrade in five years, as Greece’s worsening fiscal crisis fans concern that contagion will engulf countries such as Spain and Italy.
Commodity producers slid after oil and metal prices fell as investors speculated that demand will falter amid a plunge in financial markets and signs of a weakening global economy.
BHP fell 9.6 percent to A$34.55, and Rio Tinto Group, the world’s second-largest mining company by sales, tumbled 12 percent to A$62.65 this week in Sydney. Cnooc sank 15 percent to HK$11.84 in Hong Kong, while Inpex Corp. (1605), Japan’s largest oil explorer, retreated 6.9 percent to 482,500 yen in Tokyo.
Crude Oil Declines Crude for November delivery fell 66 cents to $79.85 a barrel on the New York Mercantile Exchange, the first settlement below $80 since Aug. 9. The London Metal Exchange Index of prices for six metals including copper and aluminum sank 10 percent.
Lynas Corp., an Australian rare earth developer, tumbled 33 percent to A$1.055 this week in Sydney, following declines in prices for the elements used in electronics and magnets. The stock had the biggest five-day drop among the companies in the MSCI Asia Pacific Index.
Asian stocks pared declines during the day on Sept. 23 after finance chiefs from the Group of 20 nations said they would address “heightened downside risks” from sovereign debt and a slowing global economy.
“A renewed commitment to supporting the global financial system has buoyed expectations of a meaningful, coordinated response to the world’s financial stresses,” said Pengana’s Schroeders.
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