Bloomberg News

Asian Stocks Drop as S&P Puts Euro Nations on Downgrade Watch

December 06, 2011

Dec. 6 (Bloomberg) -- Asian stocks fell, with a benchmark gauge headed for its first loss in seven days, after Standard & Poor’s said it may cut credit ratings on Germany, France and 13 other members of the euro amid the worsening debt crisis.

Toyota Motor Corp., the world’s biggest carmaker by market value, slid 0.7 percent in Tokyo. Tosoh Corp., a maker of chemical products, slid 3.5 percent after Mizuho Securities Co. cut its rating on the stock to “neutral” from “buy.” Newcrest Mining Ltd., an Australian gold producer, declined 2.5 percent after Deutsche Bank AG cut its rating to “hold” from “buy.”

The MSCI Asia Pacific Index fell 0.2 percent to 118.01 as of 9:33 a.m. in Tokyo, set to end its longest winning streak since Oct. 13. All but two of 10 industry groups on the measure declined, with about twice as many stocks retreating as gaining.

Japan’s Nikkei 225 Stock Average fell 0.4 percent. Australia’s S&P/ASX 200 index retreated 0.2 percent, while South Korea’s Kospi Index fell 0.2 percent.

--Editor: John McCluskey

To contact the reporter on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net.

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


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