Japan falls from 4-yr. perch
Thursday, February 07, 2013 Japan falls from 4-yr. perch Japanese shares retreated from their highest close since 2008, amid earnings concern as camera maker Nikon Corporation plunged after trimming its outlook on slowing demand from Europe. In Japan, the Nikkei 225 Index dumped 106.68 points, or 0.9%, to 11,357.07 In Hong Kong, the Hang Seng index retreated 79.93 points, or 0.3%, to 23,177 Nikon lost 19% to lead declines on the Nikkei. Yamaha Corp. slumped 16% after the piano maker cut its net-income forecast to zero. Nippon Paper Group Inc. surged 13% after reversing a loss. Mazda Motor Corporation added 12% after the car maker raised its operating-profit forecast by 80%, citing a weaker yen. Sony Corp., reporting results after the close of markets in Tokyo, unexpectedly posted an eighth consecutive quarterly loss on waning demand for TVs and consumer preferences for Apple Inc. and Samsung Electronics Co. devices. The shares gained 2.6% before the announcement. Kubota Corp. lost 3.8%, among the biggest drops on the Nikkei 225, as net income at the Japanese tractor maker missed analysts’ estimates. Japan’s machinery orders unexpectedly rose, gaining 2.8% in December from the month before, the Cabinet Office reported today in Tokyo. Fanuc Corporation, a maker of factory robotics, added 1.2%. Australian stocks rose after the nation’s employers boosted payrolls more than economists forecast in January. The number of people employed rose by 10,400 from December, when it fell a revised 3,800, a smaller decrease than previously reported, the statistics bureau said in Sydney today. Rupert Murdoch’s News Corporation lost 3.2% in Sydney after cutting its earnings outlook on declining ratings for shows such as “American Idol” and “X Factor.” National Australia Bank gained 1.9% as the lender reported a rise in first-quarter profit. CHINA In Shanghai, the CSI 300 Composite Index fell 15.97 points, or 0.6%, to 2,759.87 One expert said the Shanghai Composite Index will retreat about 8% before resuming gains as a surge in Chinese stocks has exhausted buyers. The gauge of domestic Chinese equities climbed 24% through yesterday from an almost four-year low in December. In other markets In Singapore, the Straits Times Index staggered 14.76 points, or 0.5%, to 3,261.77 Korea’s Kospi Index fell 4.42 points, or 0.2%, to 1,931.77 Taiwan’s Taiex Index added 19.71 points, or 0.3%, to 7,906.65 In New Zealand, the NZX 50 index returned from holiday to slide 16.71 points, or 0.4%, to 4,195.24 In Australia, the S&P/ASX 200 gained 38.23 points, or 0.8%, to 4,920.95
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