Asian Stocks in U.S. Fall Most Since 2001; Nikkei Futures Slide

By Lu Wang

Oct. 15 (Bloomberg) -- Asian shares trading in the U.S. plunged and futures signaled Japan stocks may fall 12 percent after slumping U.S. retail sales stoked concern the slowdown in the world's largest economy is worsening.

BHP Billiton, the world's largest mining company, had the worst drop since 1987 after oil and copper prices tumbled on growing speculation deteriorating growth will cut demand for commodities. Toyota Motor Corp. and Panasonic Corp. led a retreat in carmakers and electronics companies.

The Bank of New York Mellon Asia ADR Price Index, which tracks the region's American depositary receipts, fell 11 percent to 93.81, the biggest slide since at least December 2001.


Nikkei 225 Stock Average futures expiring in December were at 8,375 in Chicago as of 5:08 p.m. New York time, 12 percent less than their close of 9,490 in Osaka, Japan.

Consumer purchases in the U.S. fell 1.2 percent in September, the most in three years. The drop marked the third- straight monthly decline, the first time that's happened since comparable records began in 1992, Commerce Department figures showed. The report helped push the Standard & Poor's 500 Index down 9.1 percent, the biggest loss since the crash of 1987.

Melbourne-based BHP Billiton tumbled 17 percent to $35.17. Crude oil fell below $75 a barrel for the first time in more than a year while copper plunged 7.7 percent.

PetroChina Co., the country's largest energy company, decreased 14 percent to $74.92. Santos Ltd., an Australian oil and natural gas producer, slipped 9.6 percent to $32.36.

Toyota, Asia's biggest automaker, slumped 10 percent to $63.71. The company gets about 37 percent of its revenue from North America.

Honda Motor Co., Japan's second-largest automaker, sank 14 percent to $20.57. Tata Motors Ltd., the Indian automaker that bought Jaguar and Land Rover from Ford Motor Co., fell 5.2 percent to $6.01.

Panasonic, the world's largest maker of consumer electronics, lost 11 percent to $13.80. Small rival Sony Corp. declined 11 percent to $23.43.

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net