Sony Corp. (6759), a Japanese consumer electronics maker that gets 21 percent of its sales from Europe, fell 1.4 percent in Tokyo after the euro weakened, cutting the earnings outlook for exporters. Wesfarmers Ltd. led declines among Australian retailers as the nation’s services industry contracted for a third straight month on weaker consumer spending. BHP Billiton Ltd., the world’s largest mining company, slipped 1.5 percent in Sydney as copper futures dropped.
“Problems sparked by the European debt crisis are reigniting and people in the market have reaffirmed that the situation has not changed,” said Mitsushige Akino, who oversees about $600 million in Tokyo at Ichiyoshi Investment Management Co. “That’s weakening the euro and hurting exporters with a heavy reliance on Europe.”
The MSCI Asia Pacific Index (MXAP) lost 0.4 percent to 116.06 as of 9:25 a.m. in Tokyo, with almost three stocks falling for each that rose. The measure climbed 2.4 percent in the first two trading days of this year as manufacturing growth from the U.S., Australia, China and India added to signs the global economy may withstand Europe’s smoldering debt crisis.
To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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