Asia Stocks Outside Japan Drop; Japan Shares Rise on Poll

Posted by Forexsq 1052 days ago (
img Asian stocks outside Japan slid toward a two-month low amid concern a budget standoff in the U.S. may curb global growth. Japanese shares gained on speculation a change of government may result in more action to stimulate the economy.

BHP Billiton Ltd. (BHP), the world’s largest mining company, fell 1.8 percent in Sydney, declining for a sixth day in its longest losing streak since July. Tencent Holdings Ltd. (700), China’s biggest Internet company, dropped 7 percent in Hong Kong after earnings missed estimates. Nippon Steel & Sumitomo Metal Corp. surged 4.8 percent in Tokyo.

The MSCI Asia Pacific Ex-Japan Index (MXAPJ) fell 1.1 percent to 433.82 as of 5:52 p.m. in Tokyo, the lowest level since September. Hong Kong’s Hang Seng lost 1.6 percent and China’s Shanghai Composite declined 1.2 percent as Xi Jinping replaced Hu Jintao as head of the Chinese Communist Party. Japan’s Nikkei 225 Stock Average (NKY) rose 1.9 percent.

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