By Yoshiaki Nohara - Nov 15, 2011 7:19 AM GMT+0700
Nov. 15 (Bloomberg) -- Gokul Laroia, head of Asia equities at Morgan Stanley Asia, talks about the region's stock markets and economies. Laroia also discusses Europe's sovereign debt crisis. He speaks from Singapore with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
Asian stocks fell, paring yesterday’s advance, after Italian borrowing costs surged at a note sale, reviving concern Europe’s sovereign-debt crisis is spreading, damping investor confidence for riskier assets.
Sony Corp. (6758), Japan’s No. 1 exporter of consumer electronics, fell 1.9 percent. Paladin Energy Ltd. (PDN), an Australian firm producing uranium in Africa, jumped 8.4 percent as Australian Prime Minister Julia Gillard seeks to overturn a ban on uranium shipments to India.
The MSCI Asia Pacific Index dropped 0.3 percent to 118.38 as of 9:16 a.m. in Tokyo. The measure rose 1.2 percent yesterday, paring two weeks of losses.
“Bond tenders in Italy last night just underscore that investors are not going to pay too much to risk at this stage, given the prevailing uncertainty,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne. “You have to remain steadfast and disciplined in looking for opportunities when the market gets hysterical either on the buy side and sell side, not get caught up in day-to-day noise.”
To contact the reporter on this story: 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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