Most Asian stocks fell, with the regional benchmark index set for a third straight weekly drop, as raw material producers declined on lower metal and oil prices utilities tumbled as Tokyo Electric Power Co. reported Japan’s biggest corporate loss in eight years.
Tokyo Electric Power Co. , the utility at the center of the worst nuclear crisis in 25 years, fell today after a record 65 percent surge in the past two days, spurred by investors covering short sales.
Japanese stocks fell for a second day, led by utility companies as uncertainty about the outlook for Japan’s energy industry increased ahead of Tokyo Electric Power Co. announcing its full-year profit plunged.
Atsushi Saito , president of Tokyo Stock Exchange Group Inc. , said in November there would be no value in expanding Japan’s biggest stock exchange through mergers. Yesterday, the 71-year-old said he’s considering a marriage with an old rival.
Japanese stocks fell, with benchmark indexes slumping by the most this month, as the euro weakened to near a two-week low against the yen on concern Europe’s debt crisis will spread, damping the outlook for export earnings.
Japan’s Nikkei 225 Stock Average fell for the first time in three days as Italian borrowing costs surged, reigniting concern Europe’s debt crisis is spreading and damping the earnings outlook for Asian exporters. Turnover on the Tokyo Stock Exchange was the lowest this year.