Stock market fixing:
Nikkei 225 -109.52(-0.8%)14,160.09
Topix-4.41(-0.3%)1,399.84
DAX 30 -107.44(-1.5%)7118.50
САС 40 -87.22(-1.7%)5054.88
FTSE 100 -184.90(-2.9%)6191.60
Dow -199.15(-1.53%)12829.01
Nasdaq -23.83(-0.95%)2492.26
S&P -13.17(-0.92%)1413.42
10YR +13/323.78%100 24/32
OIL NYMEX +1.65(+1.30%)$128.70
Japan's stocks fell
the most in a week, led by developers, after Credit Suisse Group lowered its rating
on the sector saying a slowdown in bank lending could trim demand for building
projects.
Sumitomo Realty & Development Co. the
nation's third-biggest developer, fell the most in a week. Sapporo Hokuyo
Holdings Inc. led a decline by banks after the regional lender forecast net
income to fall 28% this year. Kobe Steel Ltd. surged to a four-month high after
Credit Suisse raised its rating.
Sumitomo Realty & Development Co. sank 4.7%
and was the biggest loser on the Nikkei. Mitsui Fudosan Co., Japan's biggest developer, slid 2.4%,
while No. 2 Mitsubishi Estate Co. dropped 3.6%.
Sapporo Hokuyo declined 4.6%, the biggest loser
among 85 banks included in the Topix. The company yesterday said turmoil in the
financial market and the sluggish stock market will cause profit to fall this
year. Towa Bank Ltd. slid 4.3%, the most since April 10.
European stocks fell as record oil prices weighed on the
outlook for profits and analysts said the financial-market turmoil isn't over.
Air France-KLM Group, Europe's
largest carrier, sank the most since March as crude topped $129 a barrel. Yell
Group Plc tumbled 26% after the U.K.
publisher cut its dividend and reported a drop in earnings in a ``very
difficult economic environment.'' BHP
Billiton Ltd. slumped the most in four months after a Morgan Stanley
analyst said weaker Chinese demand may result in ``soft'' metal prices in the
coming weeks.
Air France sank 4.9%. Ryanair Holdings
Plc, Europe's largest discount carrier,
slipped 6.1%.
Deutsche Bank AG, Germany's
biggest bank, fell 1.3% and UBS AG, Europe's
largest bank by assets, dropped 1.6%.
Marks & Spencer Group Plc fell 5%. The U.K.'s biggest
clothing retailer reported slowing second-half profit growth, cut staff bonuses
and predicted ``difficult'' conditions as British consumers pare spending.
Spiking commodity
prices sent stocks on Wall Street lower Tuesday, as investors took a look at oil prices at
more than $129 a barrel.
Steadily rising commodity prices have raised
worries about how further pricing pressure will hit an already strained
consumer.
Before the bell the Producer Price Index gained
0.2% in April, short of economists' expectations and following a rise of 1.1%
in the previous month. But prices excluding food and energy costs rose 0.4%,
twice what was expected.
Corporate news: Home Depot reported sharply lower
sales and earnings that nonetheless topped forecasts.
Target reported weaker earnings due to tepid
sales and higher costs. However, results topped forecasts.
Staples reported higher earnings that met
forecasts on higher sales that topped estimates.