James Hardie Industries SE (JHX), a building materials supplier that counts the U.S. as its biggest market, fell 1.5 percent in Sydney. Mitsubishi Electric Corp. slumped 12 percent after Japan barred the electronics maker from bidding on state contracts. Advantest Corp., a maker of memory-chip testers, jumped 9.6 percent after doubling its second-half dividend.

The MSCI Asia Pacific Index (MXAP) decreased 0.3 percent to 122.68 as of 11:03 a.m. in Tokyo, having swung between gains and losses at least four times. The measure has risen the past six weeks, the longest streak since a seven-week stretch that ended Oct. 15, 2010, amid bets China will ease lending curb, the U.S. economy is improving and Europe is containing its debts crisis.

“I don’t expect the rally to be sustainable,” said Pauline Dan, who helps oversee $480 million as chief investment officer at Samsung Asset Management in Hong Kong. “There will still be volatility. I don’t think we’ve seen the worst of the European situation.”

The Nikkei 225 Stock Average slid 0.6 percent, while South Korea’s Kospi Index dropped 0.7 percent. Australia’s S&P/ASX 200 Index slipped 0.5 percent. Hong Kong’s Hang Seng declined 0.4 percent.

China’s Shanghai Composite Index (SHCOMP) dropped 0.4 percent as it resumed trading following the week-long Lunar New Year holiday. Taiwan’s Taiex Index, which was also shut last week, jumped 2.9 percent.

‘Looks Overheated’

Futures on the Standard & Poor’s 500 Index slipped 0.5 percent today. The gauge lost 0.2 percent in New York on Jan. 27 after a report showed the U.S. economy grew at a slower pace than economists forecast as consumers restrained spending.

Exporters dropped as the world’s biggest economy grew at a 2.8 percent annualized rate in the three months through December, compared with a forecast for a 3 percent increase.

“The U.S. growth number was below forecast and that’s a negative,” said Toshiyuki Kanayama, a market analyst at Tokyo- based Monex Inc., an online brokerage. “The market looks overheated, so investors are likely to use the report as an excuse to sell and lock in profit.”

The MSCI Asia Pacific Index gained 8.1 percent this year through Jan. 27, compared with increases of 4.7 percent by the S&P 500 and 4.4 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark were valued at 1.3 times book value. That compares with 2.2 times for the S&P 500 in the U.S. and 1.4 times for the Europe Stoxx 600 Index.

Companies that get revenue from Europe also declined before European Union leaders gather today for their first summit of 2012 as a deteriorating economy and struggle to complete a Greek debt write-off risk sidetracking efforts to stamp out the financial 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

• Asian Stocks Rise on Faster Japan Inflation, U.S. Outlook   (2014-05-30 09:33:27)
• Asian Stocks Rise on Faster Japan Inflation, U.S. Outlook   (2014-05-30 09:33:27)
• Asian Stocks Rise on Faster Japan Inflation, U.S. Outlook   (2014-05-30 09:33:02)
• Asian Stocks Fluctuate After Japan Retail Sales Slump   (2014-05-29 09:37:51)
• Asian Stocks Fall Second Day as Health-Care Shares Drop   (2014-04-08 08:52:58)
• Industrial Stocks Take ETF Bounty   (2014-04-08 08:52:29)
• Asian Stocks Set for Second Weekly Gain Before U.S. Jobs   (2014-04-04 09:46:16)
• Australia Model Curbs Speed as CEO Says U.S. Too Far Gone   (2014-04-04 09:45:49)
• Asia Stocks Rise 4th Day as Consumer Shares Lead Gain   (2014-03-31 10:48:33)
• Asia Stocks Swing After U.S. Manufacturing Index Falls   (2014-03-25 11:29:14)