05-09-2008
Asian stocks declined for a third day, 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. Qlympus, the world's sixth-biggest maker of cameras, tumbled the most in three months. BHP Billiton Ltd., the world's largest mining company, and Japan's Inpex Holdings Inc. gained after oil futures traded above $124 a barrel. The MSCI Asia Pacific Index lost 0.5 percent to 149.90 as of 11:02 a.m. in Tokyo, after earlier advancing as much as 0.1 percent. The benchmark is poised for a five-day, 1.3 percent retreat, its worst weekly performance in two months and snapping a two-week rally. Japan's Nikkei 225 Stock Average fell 0.9 percent to 13,815.68. Australia's climbed 1.2 percent, the biggest gain in the region, after National Australia Bank Ltd., the country's largest by assets, announced a 26 percent increase in profit. Most other Asian markets declined. Bridgestone Corp., the biggest tiremaker by sales, retreated after saying profit fell 18 percent on higher raw-material costs.