Asian stocks fell, led by banks and insurers, as share-sale plans fanned concern the credit crunch is causing funding difficulties at companies across the region.
Nomura Holdings Inc., Japan's largest securities firm, lost 14 per cent after saying it may sell shares to replenish capital. Suncorp-Metway Ltd., Australia's third-largest general insurer, plunged 21 per cent after it sold stock at a discount. BHP Billiton Ltd., the world's biggest mining company, climbed 3.4 per cent as it said it may acquire mines and plants from distressed sellers.
About five stocks declined for every four that advanced on the MSCI Asia Pacific Index, which dropped 0.3 per cent to 83.16 as of 6:24 p.m. in Tokyo. The gauge has fallen 7.2 per cent in 2009, extending last year's record 43 per cent tumble, as the world's biggest economies sank into recession.
Japan's Nikkei 225 Stock Average lost 1.3 per cent to 7,969.03, while Hong Kong's Hang Seng Index gained 0.8 per cent. Australia's S&P/ASX 200 Index advanced 1.1 per cent. All markets gained except South Korea, New Zealand, Singapore and Indonesia.
Haseko Corp., which builds condominiums and offices, sank 15 per cent in Tokyo after saying it may not recover money owed by a bankrupt developer. Toyota Motor Corp., which widened its annual loss forecast, jumped 3.2 per cent after Credit Suisse Group AG said its earnings will bottom out this quarter.
Futures on the Standard & Poor's 500 Index fell 1.1 per cent. The gauge climbed 2.7 per cent on Feb. 6 to the highest level since Jan. 28 after the U.S. jobless rate jumped to 7.6 per cent last month, the highest since 1992, sparking speculation Congress will move quickly to pass an economic stimulus plan.
Advanced economies are already in "depression", IMF Managing Director Dominique Strauss-Kahn said in Kuala Lumpur at the weekend.
A key procedural vote in the U.S. Senate on a $780 billion proposal is scheduled for later today, with a final vote tomorrow. The Senate measure must then be reconciled with an $819 billion plan the House approved last month.
Stock declines in the past year have dragged the average valuation of companies on the MSCI Asia Pacific Index down by 15 per cent to 13 times reported profit, as more signs emerged the global financial crisis was hurting corporate earnings.
Nomura tumbled 14 per cent to 490 yen after saying it may sell stock valued at as much as 300 billion yen ($3.3 billion) from Feb. 19, the company said on Feb. 6 after markets shut. The brokerage posted a record loss of 343 billion yen in the three months to Dec. 31.
Haseko plunged 15 per cent to 66 yen. The company is assessing its earnings forecast in light of the possible failure to recover funds from Japan General Estate Co. and its real estate unit. Japan General filed for bankruptcy protection last week.
In Singapore, CapitaLand Ltd., Southeast Asia's largest property developer, reported an 88 per cent slump in fourth- quarter profit and said it will raise S$1.84 billion ($1.2 billion) by selling equity to existing investors. The stock, suspended today, is down 24 per cent this year.
Australia's BHP rose 3.4 per cent to A$33.34 in Sydney. The company will seek assets from any distressed sellers and said some of Rio Tinto Group's would fit well into its portfolio, Chief Executive Officer Marius Kloppers told the Australian Broadcasting Corp. yesterday.
Rio, which last week said it was in talks with Aluminum Corp. of China to raise cash by selling debt and stakes in some units, gained 5.7 per cent to A$49.40. The company said today that director Jim Leng quit and will no longer become chairman as announced less than a month ago.
Japan's Nikkei 225 gained as much as 2.2 per cent today as a government report showed orders for Japanese machinery fell 1.7 per cent in December from November. That's less than the 8.6 per cent tumble, economists in a Bloomberg survey had estimated.
Toyota, the world's biggest automaker, jumped 3.2 per cent to 3,190 yen, making it the most actively traded stock by value in Tokyo, followed by Nomura. Its earnings will bottom out in the fourth quarter and will gradually improve thereafter, Koji Endo, a Tokyo-based analyst for Credit Suisse, wrote in a report dated Feb. 6.
Nomura Holdings Inc., Japan's largest securities firm, lost 14 per cent after saying it may sell shares to replenish capital. Suncorp-Metway Ltd., Australia's third-largest general insurer, plunged 21 per cent after it sold stock at a discount. BHP Billiton Ltd., the world's biggest mining company, climbed 3.4 per cent as it said it may acquire mines and plants from distressed sellers.
About five stocks declined for every four that advanced on the MSCI Asia Pacific Index, which dropped 0.3 per cent to 83.16 as of 6:24 p.m. in Tokyo. The gauge has fallen 7.2 per cent in 2009, extending last year's record 43 per cent tumble, as the world's biggest economies sank into recession.
Japan's Nikkei 225 Stock Average lost 1.3 per cent to 7,969.03, while Hong Kong's Hang Seng Index gained 0.8 per cent. Australia's S&P/ASX 200 Index advanced 1.1 per cent. All markets gained except South Korea, New Zealand, Singapore and Indonesia.
Haseko Corp., which builds condominiums and offices, sank 15 per cent in Tokyo after saying it may not recover money owed by a bankrupt developer. Toyota Motor Corp., which widened its annual loss forecast, jumped 3.2 per cent after Credit Suisse Group AG said its earnings will bottom out this quarter.
Futures on the Standard & Poor's 500 Index fell 1.1 per cent. The gauge climbed 2.7 per cent on Feb. 6 to the highest level since Jan. 28 after the U.S. jobless rate jumped to 7.6 per cent last month, the highest since 1992, sparking speculation Congress will move quickly to pass an economic stimulus plan.
Advanced economies are already in "depression", IMF Managing Director Dominique Strauss-Kahn said in Kuala Lumpur at the weekend.
A key procedural vote in the U.S. Senate on a $780 billion proposal is scheduled for later today, with a final vote tomorrow. The Senate measure must then be reconciled with an $819 billion plan the House approved last month.
Stock declines in the past year have dragged the average valuation of companies on the MSCI Asia Pacific Index down by 15 per cent to 13 times reported profit, as more signs emerged the global financial crisis was hurting corporate earnings.
Nomura tumbled 14 per cent to 490 yen after saying it may sell stock valued at as much as 300 billion yen ($3.3 billion) from Feb. 19, the company said on Feb. 6 after markets shut. The brokerage posted a record loss of 343 billion yen in the three months to Dec. 31.
Haseko plunged 15 per cent to 66 yen. The company is assessing its earnings forecast in light of the possible failure to recover funds from Japan General Estate Co. and its real estate unit. Japan General filed for bankruptcy protection last week.
In Singapore, CapitaLand Ltd., Southeast Asia's largest property developer, reported an 88 per cent slump in fourth- quarter profit and said it will raise S$1.84 billion ($1.2 billion) by selling equity to existing investors. The stock, suspended today, is down 24 per cent this year.
Australia's BHP rose 3.4 per cent to A$33.34 in Sydney. The company will seek assets from any distressed sellers and said some of Rio Tinto Group's would fit well into its portfolio, Chief Executive Officer Marius Kloppers told the Australian Broadcasting Corp. yesterday.
Rio, which last week said it was in talks with Aluminum Corp. of China to raise cash by selling debt and stakes in some units, gained 5.7 per cent to A$49.40. The company said today that director Jim Leng quit and will no longer become chairman as announced less than a month ago.
Japan's Nikkei 225 gained as much as 2.2 per cent today as a government report showed orders for Japanese machinery fell 1.7 per cent in December from November. That's less than the 8.6 per cent tumble, economists in a Bloomberg survey had estimated.
Toyota, the world's biggest automaker, jumped 3.2 per cent to 3,190 yen, making it the most actively traded stock by value in Tokyo, followed by Nomura. Its earnings will bottom out in the fourth quarter and will gradually improve thereafter, Koji Endo, a Tokyo-based analyst for Credit Suisse, wrote in a report dated Feb. 6.