Nissan Motor Co., Japan’s third-largest carmaker by market value that gets 15 percent of its revenue in Europe, fell 1.3 percent. Mitsubishi Corp., a Japanese trading company, slid 2.2 percent after United Parcel Service Inc. slumped as declining shipments from Asia to the U.S. curbed growth in the company’s international business. James Hardie Industries SE, a building- materials supplier that gets 68 percent of sales in the U.S., lost 0.5 percent in Sydney after reports showed U.S. consumer confidence and home prices fell.
The MSCI Asia Pacific Index fell 0.9 percent to 118.30 as of 9:59 a.m. in Tokyo. More than four stocks fell for each that rose on the index with all 10 groups on the gauge sliding.
“At the end of the day, every asset class globally will be hostage to the announcements out of Europe,” said Prasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney. The market “is still volatile, but I don’t think there’s any directional implication to it until we know what happens in Europe.
European Summit
The cancellation of a meeting of European Union finance ministers spurred concern that the region’s leaders will fail to agree on how to tame the sovereign-debt crisis. European leaders will hold a summit today in Brussels as they seek to bolster a rescue fund, recapitalize banks and provide debt relief to Greece.
Japan’s Nikkei 225 Stock Average and South Korea’s Kospi Index both slid 0.9 percent. Australia’s S&P/ASX 200 was little changed, reversing an earlier loss of as much as 1.3 percent after a report showed inflation slowed last quarter.
Asian firms tied to Europe fell. Nissan fell 1.3 percent to 682 yen. Sony Corp., Japan’s No. 1 exporter of consumer electronics that gets 21 percent of its sales in Europe, declined 1 percent to 1,535 yen.
Futures on the Standard & Poor’s 500 Index were little changed today. In New York, the index fell 2 percent yesterday as UPS reduced its airlift capacity for Asia as shipments to the U.S. decreased, the Atlanta-based company said after announcing third-quarter earnings. International deliveries overall increased 4.6 percent, trailing the 6.2 percent gain in the previous three months. UPS stock fell 2.1 percent to $69.35 in New York.
Asia traders fell. Mitsubishi Corp. slid 2.2 percent to 1,497 yen, while Marubeni Corp., a Japanese trading company, lost 2.6 percent to 421 yen.
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