Asian stocks dropped, with the regional benchmark index trimming the biggest weekly advance since January, after companies including Li & Fung Ltd. posted lower profit and as China reported export growth slowed more than economists’ expectations. Outbound shipments increased 1 percent from a year earlier and imports rose 4.7 percent, the customs bureau said in a statement today in Beijing. The trade surplus was $25.1 billion compared with $31.5 billion a year earlier. Export growth was below all 32 estimates in a Bloomberg survey.
Nikkei 225 8,891.44 -87.16 -0.97%
S&P/ASX 200 4,277.3 -30.97 -0.72%
Shanghai Composite 2,168.9 -5.21 -0.24%
Agricultural Bank of China Ltd. fell 2.5 percent, leading Chinese creditors lower, after new loans last month came in less than analysts expected.
Li & Fung plunged by a record in Hong Kong as reduced spending by U.S. and European shoppers drove down core operating profit at the supplier to Wal-Mart Stores Inc.
Trend Micro Inc. slumped 9.1 percent in Tokyo after earnings fell at the maker of anti-virus software.
Most European stocks fell, but despite this Stoxx Europe 600 Index ended the week in positive territory, showing with his tenth consecutive weekly gain. Such dynamics was due to the fact that the published Chinese data showed that the trade surplus fell more than expected, adding fears that the level of the global economy slows.
Shares of Bank of Ireland Plc fell 3.1% to 9.5 cents per euro. In the first half pretax loss widened to 1.26 billion euros from 556 million euros a year earlier. It was worse than forecast at 899 million euros.
ThyssenKrupp AG (TKA) increased by 5.8% as Germany's largest steelmaker reported its first profit in the fourth quarter.
Stoxx 600 fell 0.1% to 269.88
National indexes fell in 14 out of 18 western European markets.
FTSE 100 5,847.11 -4.40 -0.08% CAC 40 3,435.62 -21.09 -0.61% DAX 6,944.56 -20.43 -0.29%
Bankia SA shares fell 20% to 1.21 euros, after a 11-day rally.
Company Bunzl, which provides delivery services for food and medical companies lost 4.6%, while showing the biggest drop since August 8, after UBS AG recommended selling shares.
The cost of Hannover Re fell 2.3% to 48.38 euros. As it became known, the profit in the second quarter decreased by 13% due to unrealized losses on investments. Net profit fell to 144 million euros from 166.2 million euros a year earlier. This was lower than forecast by economists at the level of 170.5 million euros.
Metso Oyj (MEO1V) and Outotec Oyj (OTE1V) retreated 2.1% to 30.78 euros and 1.7% to 38.75 euros, respectively.
Shares Aspo Oyj (ASU1V) fell 0.2% to 5.99 euros. The company said that the annual operating profit will be significantly lower than in 2011.
Fugro NV (FUR), the world's largest deepwater appraiser, lost 2.9% to 50.82 euros. Net profit in the first half year amounted to 115 million euros, compared with expectations of 120 million euros.
Shares of Barclays Plc (BARC) rose 2.7% to 183.85 pence after it appointed former executive director of the Bank of England, David Walker as chairman.
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