Asian Stocks open lower september 5 2011 Oil Drop as Dollar Climbs

Indonesia stock info - Asian Stocks open lower september 5 2011 Oil Drop as Dollar Climbs : Asian stocks and oil fell for a second day after U.S. job growth stalled last month and amid concern Europe’s sovereign-debt crisis will worsen. The Dollar Index headed for its longest winning streak in eight months.

The MSCI Asia Pacific Index sank 2 percent as of 9:55 a.m. in Tokyo, set for the biggest drop since Aug. 19. Standard & Poor’s 500 Index futures slid 0.5 percent, after the gauge’s 2.5 percent drop on Sept. 2 in the U.S., where markets are closed today for a holiday. Crude retreated 0.6 percent in New York. The dollar climbed 0.3 percent to $1.4166 against the euro. The Markit iTraxx Asia index that tracks default risk for 50 investment-grade borrowers added nine basis points.

Taiwan Semiconductor Manufacturing Co. paced losses in Asia today after the chipmaker said confidence in the global economic recovery is weakening among its customers. A report on Sept. 2 showed payrolls were unchanged last month, and data tomorrow may show the U.S. service industries grew at the slowest pace in more than a year. An election loss for German Chancellor Angela Merkel’s party in her home state fueled concern opposition is growing to bailouts for debt-saddled European nations.

The recent data confirmed “that the U.S. economy had slowed down in the last quarter and with all the political uncertainty, really hit a wall in August,” Sean Fenton, who helps manage about $1 billion at Tribeca Investment Partners in Sydney, said in a Bloomberg Television interview. “And given the uncertainty in Europe, the real question now is, does that soft patch extend further and how serious has been the impact on businesses and consumers?”

About nine shares decreased for every one that climbed on MSCI’s Asia Pacific Index, which was headed for the lowest close since Aug. 26. Japan’s Nikkei 225 Stock Average fell 1.7 percent, South Korea’s Kospi Index slumped 2.4 percent, while Australia’s S&P/ASX 200 Index retreated 2 percent. (source www.bloomberg.co )

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