ASIAN stocks fell posting their third weekly loss.
Mitsubishi UFJ Financial Group and Toyota Motor led Japanese stocks lower on concern the level of pay rises will damp growth in the region's largest economy. "With wage increases so weak, there's not much hope for a recovery in spending," said Tomokatsu Mori, of Fukoku Capital Management in Tokyo.
TDK gained after saying it's in talks to buy a unit of Alps Electric, boosting speculation there will be further consolidation in the electronics industry.
Japan's Nikkei 225 Stock Average declined 0.7% while the broader Topix index slid 1 %. China's Shanghai and Shenzhen 300 Index lost 1.6%. Gauges fell in Australia, Hong Kong, New Zealand, Singapore, Thailand and India. Mitsubishi UFJ, Japan's biggest bank slipped 3%, its biggest loss since October 12. Toyota, the nation's biggest automaker, lost 0.7%. Suimitomo Mitsui Financial Group, Japan's No. 3 lender, declined 2.8%.
The world's second-largest economy grew 5.5 percent in the three months ended Dee. 31, the fastest pace in three years, the government said this week. Business investment rose 3.1 percent in the quarter, up from the 2.2 percent preliminary estimate. In contrast consumer spending rose 1 percent in the quarter, down from the preliminary 1.1 percent expansion. Stagnant wages may keep consumers from spending more on goods and services, denting economic growth and making bank stocks, which derive most of their earnings from the domestic economy, less attractive.
Mitsubishi UFJ Financial Group and Toyota Motor led Japanese stocks lower on concern the level of pay rises will damp growth in the region's largest economy. "With wage increases so weak, there's not much hope for a recovery in spending," said Tomokatsu Mori, of Fukoku Capital Management in Tokyo.
TDK gained after saying it's in talks to buy a unit of Alps Electric, boosting speculation there will be further consolidation in the electronics industry.
Japan's Nikkei 225 Stock Average declined 0.7% while the broader Topix index slid 1 %. China's Shanghai and Shenzhen 300 Index lost 1.6%. Gauges fell in Australia, Hong Kong, New Zealand, Singapore, Thailand and India. Mitsubishi UFJ, Japan's biggest bank slipped 3%, its biggest loss since October 12. Toyota, the nation's biggest automaker, lost 0.7%. Suimitomo Mitsui Financial Group, Japan's No. 3 lender, declined 2.8%.
The world's second-largest economy grew 5.5 percent in the three months ended Dee. 31, the fastest pace in three years, the government said this week. Business investment rose 3.1 percent in the quarter, up from the 2.2 percent preliminary estimate. In contrast consumer spending rose 1 percent in the quarter, down from the preliminary 1.1 percent expansion. Stagnant wages may keep consumers from spending more on goods and services, denting economic growth and making bank stocks, which derive most of their earnings from the domestic economy, less attractive.
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