By Yoshiaki Nohara - Nov 25, 2011 7:21 AM GMT+0700
Asian stocks (MXAP) fell for a third day after German Chancellor Angela Merkel ruled out common euro-area bonds and a bigger role for the European Central Bank in fighting the region’s debt crisis, damping the earnings outlook for Asian exporters.
Hyundai Motor Co. (005380), South Korea’s biggest carmaker by market value, lost 1.2 percent. Commonwealth Bank of Australia (CBA), Australia’s No.1 lender by market value, decline 1.3 percent. Woodside Petroleum Ltd. (WPL) fell 5.6 percent after Australia’s second-biggest oil producer narrowed its annual output guidance.
The MSCI Asia Pacific Index dropped 0.3 percent to 109.86 as of 9:20 a.m. in Tokyo with seven of 10 industry groups sliding. The measure has lost 3.8 percent this week, headed for a fourth weekly loss.
“We are likely to see investors continue to exercise caution in the market,” said Stan Shamu, a strategist at IG Markets in Melbourne. “There’s a feeling Germany is no longer immune to this whole situation and they may act further, which is obviously why everyone is calling for common euro bonds.”
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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