Sony, a Japanese electronics maker that gets 21 per cent of its sales from Europe, fell 2 per cent. Elpida Memory, a manufacturer of computer memory chips, sank 4 per cent after Nomura Holdings cut its growth forecast for chips used to help computers juggle programs. Daewoo Shipbuilding & Marine Engineering dropped 2.3 per cent after the Korea Development Bank said it will revive plans to sell its stake in the South Korean shipyard.
"Europe is going to be a headwind with all the bond auctions coming up," said Belinda Allen, a Sydney-based senior investment analyst at Colonial First State Global Asset Management. "The first bond auctions from Germany and France did relatively OK, but there's a risk Italy won't perform as well. Markets are a lot more comfortable with the US economy at this point in time. The outlook really hinges on Europe and China."
The MSCI Asia Pacific Index dropped 0.7 per cent to 114.68 in Tokyo, with about four stocks falling for each that rose. The measure is heading for its third straight weekly advance as manufacturing growth from the US, Australia, China and India add to signs the global economy will withstand Europe's debt crisis.
Japan's Nikkei 225 Stock Average slipped 0.9 per cent, while South Korea's Kospi Index dropped 1.3 per cent. Australia's S&P/ASX 200 Index fell 0.6 per cent. Hong Kong's Hang Seng Index lost 0.3 per cent.
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