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Asian Stocks Fall Most in 3 Weeks; Toyota, Olympus Lead Decline




By Chen Shiyin and Patrick Rial





















May 9 (Bloomberg) -- Asian stocks declined the most in three
weeks, led by automakers and technology companies, after Toyota
Motor Corp. and Olympus Corp. forecast lower profits on rising
raw-material costs.


Toyota, the world's second-largest automaker, slumped after
saying higher gasoline prices and a U.S. economic slowdown will
erode profit. Olympus, the world's sixth-biggest maker of cameras,
tumbled the most in three months. China's stocks slumped on
speculation a report will show inflation accelerated, prompting
the government to boost measures to curb growth.


``The global economy is slowing and at the same time
automakers like Toyota aren't able to sufficiently pass on
continually rising materials costs,'' said Shuichi Hida, who
helps manage $850 million at Plaza Asset Management Co. in Tokyo.


The MSCI Asia Pacific Index lost 1 percent to 149.11 as of
5:04 p.m. in Tokyo, its biggest decline since April 18. The
measure is poised for a five-day, 1.7 percent retreat, its worst
weekly performance in two months and snapping a two-week rally.


China's CSI 300 Index fell 1.2 percent. Japan's Nikkei 225
Stock Average sank 2.1 percent to 13,655.34. Bridgestone Corp.,
the world's biggest tiremaker by sales, retreated after saying
profit declined as it paid more for rubber and petroleum-based
synthetic materials. Japanese manufacturers are struggling with
higher materials costs and a stronger yen, which erodes the value
of sales in the U.S.


Takefuji Corp., Japan's No. 3 consumer-finance company by
market value, posted the biggest decline on MSCI's Asian index
after it forecast a 19 percent drop in profit this year.


Limiting losses, National Australia Bank Ltd. gained after
the country's largest bank by assets said profit rose. BHP
Billiton Ltd. led energy producers higher after oil futures
traded above $124 a barrel. Australia's S&P/ASX 200 Index climbed
0.9 percent, Asia's biggest advance.


U.S. Futures


In the U.S., Standard & Poor's 500 Index futures expiring in
June fell 0.3 percent recently. After the close of trading
yesterday, American International Group Inc., the world's biggest
insurer by assets, posted a loss that was wider than analyst
estimates and said it needs to raise $12.5 billion in capital.


Toyota, the world's second-largest automaker after General
Motors Corp., dropped 3.3 percent to 5,300 yen, its biggest
decline since April 4. The company said fourth-quarter net income
decreased 28 percent to 316.8 billion yen ($3 billion) and
predicted a 27 percent slump in earnings this fiscal year. That
will be its first decline in annual profit in at least seven
years.


Investor Sentiment


``Considering the exchange rate, rising steel costs, and
spiking oil prices, we can't just write off Toyota's forecast to
the company being conservative,'' said Yoshihisa Okamoto, a fund
manager at Mizuho Asset Management Co. in Tokyo, which oversees
the equivalent of $26 billion. ``The effect on investor sentiment
is enormous.''


Hyundai Motor Co., South Korea's largest automaker, fell 1.2
percent to 88,000 won. Its affiliate Kia Motors Corp. dropped 4
percent to 13,150 won. Hyundai and Kia said they halted plans to
build pick-up trucks in the U.S. as high oil prices crimp demand
for less fuel-efficient vehicles.


Bridgestone dropped 6.2 percent to 1,799 yen, its biggest
loss since Aug. 17, after saying net income fell 18 percent in
the first quarter. Sumitomo Rubber Industries Ltd., Japan's No. 2
tiremaker, lost 5.5 percent to 836 yen after slashing its full-
year profit forecast 28 percent on rising costs, a slowdown in
the U.S. economy and foreign-exchange instability.


Olympus Forecast


Olympus lost 5.8 percent to 3,260 yen, the largest decline
since Feb. 5, after predicting a 26 percent drop in net income in
the year ending March 2009. The forecast missed analyst estimates.


Refiners declined on concern increased fuel prices will
erode profits. China Petroleum & Chemical Corp., the nation's
largest, sank 3.3 percent to HK$7.61, rounding off a four-day, 13
percent loss. SK Energy Co., South Korea's largest, slumped 3
percent to 112,500 won.


Crude oil for June delivery climbed today to a record high
of $124.73 a barrel in New York. That's double the level a year
ago. Futures were recently at $124.54.


BHP, Australia's No. 1 oil explorer, rose 3.5 percent to
A$46.50, its highest close since Nov. 1.


Noble Group Ltd., a Hong Kong-based supplier of raw
materials, surged 4.3 percent to a record S$2.65 in Singapore
after saying first-quarter net income more than tripled.


China Vanke Co., the nation's largest publicly traded
developer, lost 5 percent to 21.88 yuan in Shanghai. China
Merchants Bank Co., the nation's fifth-largest bank by market
value, fell 5.2 percent to 31.26 yuan.


China's statistics bureau will release April's consumer-
price index figure on May 12. The nation will maintain a tight
monetary policy to cool price increases and prevent economic
overheating, Vice Premier Wang Qishan said today.


In Sydney, shares of National Australia jumped 4 percent to
A$32.24 after the bank said first-half profit rose 26 percent on
growth in lending and deposits.


Takefuji retreated 14 percent to 2,155 yen. The company
expects a 19 percent drop in profit this year, on a 27 percent
plunge in revenue.