By Yoshiaki Nohara - Nov 16, 2011 7:22 AM GMT+0700 .
Asian stocks swung between gains and losses as U.S. retail sales beat estimates while Italian bond yields rose amid concern Italy’s new government will struggle to trim its debt and prevent Europe’s crisis from spreading.
Sony Corp. (6758), Japan’s No. 1 exporter of consumer electronics, fell 1.3 percent. Hyundai Motor Co. (005380), South Korea’s biggest carmaker by market value, rose 0.9 percent. BHP Billiton Ltd. (BHP), the Australian oil producer, rose 0.9 percent after oil approached $100 a barrel.
The MSCI Asia Pacific Index slipped 0.2 percent to 117.51 as of 9:20 a.m. in Tokyo, after swinging between gains and losses at least six times. The measure fell 0.9 percent yesterday.
“The U.S. seems to be back on the recovery path, which is very helpful because it’s the biggest economy in the world and it fixes sentiment in a big way,” said Prasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney. “Investors around the world would be happy if Europe doesn’t export its toxicity.”
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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