(Bloomberg) -- Asian stocks dropped for the first time in five days after U.S. retail sales unexpectedly declined and a stronger yen dimmed the earnings outlook for Japan’s electronics and auto companies.
Li & Fung Ltd., the biggest supplier of toys and clothing to Wal-Mart Stores Inc., tumbled 9.8 percent in Hong Kong. Canon Inc., which generates more than half of its sales from U.S. and Europe, declined 3.2 percent in Tokyo as the yen rose to a two- week high against the dollar. Nomura Holdings Inc., Japan’s largest brokerage, slumped 7.3 percent, leading declines by finance shares, the region’s best performers in the past month.
“This is a reality check,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments Ltd. in Tokyo, which manages $28 billion. “The collapse the global economy was experiencing has come to an end, but investors moved too quickly in predicting a recovery.”
Read more at Bloomberg
Tuesday, April 14, 2009
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