Stock market fixing:
Nikkei -238.69 -1.8% 12,834.18
Topix -24.07 -1.9% 1,230.64
FTSE -33.80 -0.60% 5,602.80
CAC -10.47 -0.23% 4,472.13
DAX -0.50 -0.01% 6,421.80
Japan's stocks fell the most in two weeks on concern
demand for cars and electronics will fall as spending slows and wages stagnate.
Honda Motor Co., Japan's
second-largest carmaker, dropped the most in a month after U.S. consumer
spending declined and domestic auto sales fell. Sharp Corp. sank 3.1% after the
nation's wages grew at the slowest pace all year. Nippon Oil Corp. tumbled 3.8%
as crude prices advanced, raising its production costs.
Bridgestone Corp., the world's largest tiremaker, dropped 2.3%. Toyo Tire &
Rubber Co. sank 4.9%, the lowest since March 18. About 60% of the materials
used in tires are oil based, according to the Japan Automobile Tire
Manufacturers Association.
Citizen Holdings Co. soared 8.7%, the sharpest gain since March 2002 and making
it the biggest winner on the MSCI World Index. The watchmaker boosted its
full-year profit target 14% citing a gain from the sale of shares.
Stocks in Europe fell, led by raw-materials
producers and technology companies, as metals prices dropped and concern
mounted that the economic slowdown will curb earnings.
BHP Billiton Ltd., the world's largest mining company, fell for the first time
in four days after copper, nickel and tin prices slid.
Commerzbank AG plunged 11% after agreeing to buy Allianz SE's Dresdner Bank for
9.8 billion euros ($14.4 billion) in Europe's
biggest financial-services takeover this year.
Daimler, the world's second-largest luxury carmaker, added 2.3%. Air France-KLM
Group, Europe's biggest airline, climbed 4.3%.
Michelin, the world's second-largest tiremaker, rallied 6%. Merrill upgraded
the stock to ``buy'' from ``neutral,'' citing declining oil prices and an aging
fleet of cars needing replacement parts.
US financial markets were closed in observance of Labor Day.