Asian stocks slipped, with the region’s benchmark index falling for a sixth day, as Spanish bond yields surged closer to levels that prompted Greece, Ireland and Portugal to seek European bailouts.

Mazda Motor Corp. (7261), an automaker that gets 18 percent of sales from Europe, dropped 2.2 percent in Tokyo. Sony Corp. and Sharp Corp., Japan’s biggest makers of liquid-crystal-display televisions, fell more than 2 percent after announcing record losses amid declining global television sales and a higher yen. Asciano Ltd. slid 1.1 percent in Sydney after the cargo handler said it failed to reach an agreement with a port worker union.

“Spain is in a very difficult situation and more likely than not to require some type of official intervention at some point,” said Stephen Halmarick, Sydney-based head of investment markets research at Colonial First State Global Asset Management, which oversees about $150 billion. “Europe is still 20 percent of the world economy and obviously a big customer of Asia.”

The MSCI Asia Pacific Index (MXAP) dropped 0.8 percent to 122.92 as of 10:26 a.m. in Tokyo. The gauge fell 2.1 percent this month through yesterday as Spain struggled to sell bonds last week, renewing concern Europe won’t be able to contain its debt crisis, and a report showed U.S. employers added fewer jobs than forecast in March.

Japan’s Nikkei 225 Stock Average (NKY) fell 1.1 percent. Australia’s S&P/ASX 200 Index slid 0.6 percent. Taiwan’s Taiex Index lost 0.5 percent. South Korean markets are closed today as the nation holds parliamentary elections amid plans by North Korea to launch a rocket in the next few days.

Spanish Bonds

Futures on the Standard & Poor’s 500 Index rose 0.3 percent today. The gauge fell 1.7 percent in New York yesterday as Spanish bonds slumped after Economy Minister Luis de Guindos declined to rule out a rescue and Bank of Spain Governor Miguel Angel Fernandez Ordonez said the nation’s lenders may need extra capital if the economy weakens more than expected.

Companies that do business in Europe declined after the 10- year Spanish bond yield surged 22 basis points to 5.98 percent, the highest level this year. Prime Minister Mariano Rajoy told senators yesterday Spain’s future is at stake in its battle to tame rising borrowing costs.

The MSCI Asia Pacific Index rose 8.9 percent this year through yesterday amid signs the U.S. economy is recovering. Gains slowed after China last month cut its target for economic growth, seeking to cool its property market and become less reliant on exports. Shares on the Asian gauge were trading at 12.7 percent time estimated earnings, compared with 13 times for S&P 500 and 11 times for the Stoxx Europe 600 Index.

To contact the reporters on this story: Jonathan Burgos in Singapore atjburgos4@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net

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

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