Nomura Holdings Inc., Morgan Stanley and JPMorgan Chase & Co. were selected as the lead banks to manage Suntory Beverage & Food Ltd.’s initial public offering, said two people with knowledge of the matter.
The biggest drop in Japanese shares since the 2011 earthquake erased $314 billion in market value, shaking bulls who pushed the Topix Index to five-year highs and highlighting their vulnerability to shocks at home and abroad.
Japanese exchange-traded funds, the most popular ETFs in the world this year, fell in U.S. trading as the Topix index posted the biggest drop since the aftermath of the March 2011 tsunami and nuclear disaster.
The Standard & Poor’s 500 Index recovered most of a 1.2 percent morning slide as Hewlett-Packard Co. led gains in technology shares. Global equities slid, with Japanese shares plunging the most since the aftermath of the Fukushima disaster. Copper sank and the yen rallied.
German stocks fell the most in more than a month amid investor concern that the Federal Reserve will reduce its stimulus measures if the U.S. economy improves and as data showed Chinese manufacturing is contracting.
Japan’s Topix index tumbled almost 7 percent, the most since the aftermath of the March 2011 tsunami and nuclear disaster, as financial firms slid amid rising bond yields. Nikkei 225 Stock Average futures traded in Osaka and Singapore fell in after-hours trade, signaling further declines.
Asian stocks sank, with the regional benchmark index headed for the biggest drop since September 2011, as Japanese shares plummeted after preliminary China manufacturing data unexpectedly signaled a contraction and the yen strengthened.