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Asia Stocks Retreat From Six-Month High
2012-02-09 08:47:07

The MSCI Asia Pacific Index (MXAP) fell 0.4 percent to 126.08 at 9:36 in Tokyo after jumping 1.3 percent yesterday to the highest close since August. Japan’s Nikkei 225 Stock Average lost 0.4 percent and the broader Topix Index fell 0.3 percent.

Australia’s S&P/ASX 200 Index also lost 0.4 percent as BHP Billiton Ltd., the world’s No. 1 mining company fell for a third day.

“History tells us that a deal in Greece will be reached at the last minute,” said Shane Oliver , Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion under management. “A lot of indications show they are heading in that direction even though there are endless delays.”

Greek Prime Minister Lucas Papademos summoned the nation’s international lenders for further discussions today after failing to get a full agreement from his coalition supporters on economic measures.

Papademos and the three party leaders “agreed on all the points of the program with the exception of one which requires further elaboration and discussion” with the so-called troika of lenders, according to an e-mailed statement from the premier’s office in Athens. “This discussion will occur immediately so that it can be completed in light of the meeting of euro area finance ministers” later today.

Antonis Samaras of the New Democracy party said talks on a new financing agreement for Greece stalled over a dispute on cutting pensions.

To contact the reporters on this story: Sarah Jones in Sydney at sjones35@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

http://www.bloomberg.com/news/2012-02-09/asian-stocks-fall-from-six-month-high-as-investors-watch-greece-debt-talks.html





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