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Nov. 16 (Bloomberg) -- Asian stocks fell for a second day after Italian bond yields rose amid concern Italy’s new government will struggle to trim its debt and prevent Europe’s crisis from spreading.
Esprit Holdings Ltd., a clothier that counts Europe as its biggest market, fell 3.9 percent. Sony Corp., which depends on the region for 21 percent of its sales, fell 1.9 percent. Elpida Memory Inc. jumped 9.1 percent after it kept its listing on Asia’s benchmark index. The stock plunged yesterday on speculation MSCI Inc. would remove the chipmaker, which has lost almost two-thirds of its value this year. Olympus Corp. jumped as much as 16 percent, surging for a third day following a report the scandal-hit company may not be delisted.
The MSCI Asia Pacific Index slipped 0.5 percent to 117.08 as of 10:07 a.m. in Tokyo, after swinging between gains and losses at least eight times. The measure fell 0.9 percent yesterday.
“Italy is not terminal yet, but it will need evidence of concrete steps toward reform,” said Prasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney. “The market will create risk-on and risk-off until evidence emerges one way or another.”
--Editors: Jason Clenfield, Jim Powell.
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