The MSCI Asia Pacific Index (MXAP) slid 1.4 percent to 115.69 as of 10:30 a.m. in Tokyo. All 10 industry groups on the measure dropped, with more than eight stocks falling for each that rose.
Japan’s Nikkei 225 Stock Average (NKY) sank 1.6 percent after the nation’s economy grew less than the government’s initial estimate last quarter. Australia’s S&P/ASX 200 index fell 1.2 percent, while South Korea’s Kospi Index (KOSPI) declined 1.6 percent. Hong Kong’s Hang Seng Index fell 2 percent.
“The ECB Chief saying he didn’t hint at more bond purchases was a disappointment for the market, and it also gave the market a reason to lock in profits after markets gained last week,” said Takashi Aoki, who helps manage 120 billion yen at Tokyo-based Mizuho Asset Management Co. “China’s inflation data signals there will be more easing ahead, which is positive for markets” over the long term, he said.
China’s consumer prices rose 4.2 percent in November from a year earlier, slowing from a 5.5 percent gain in the previous month, the National Bureau of Statistics said. The median estimate of economists surveyed by Bloomberg was for a 4.5 percent increase.
To contact the reporter on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
http://www.bloomberg.com/news/2011-12-08/japanese-stock-futures-drop-as-ecb-president-damps-bond-buying-speculation.html
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