ASIA
Asian stocks fell for a second week as investors weighed the timing of a reduction in the Federal Reserve’s unprecedented stimulus amid improving U.S. data.
Australia’s S&P/ASX 200 Index fell 1.7%, while New Zealand’s NZX 50 Index climbed 0.1%. Japan’s Topix index gained 0.3%. South Korea’s Kospi index lost 0.9%. Hong Kong’s Hang Seng Index declined 2.1%, and China’s Shanghai Composite slid 1.8%. Taiwan’s Taiex Index added 0.1%. Singapore’s Straits Times Index slid 1.6%
BHP Billiton slumped 2.5%. Samsung Electronics Co., Asia’s largest technology company and the world’s biggest maker of mobile phones, declined 2.6% in Seoul. Toyota Motor Corp. lost 0.6%.
Nitto Denko dropped 18% last week, its biggest weekly decline in five years. The company cut its full-year net income forecast more than 25% to 41 billion yen, below the 57 billion yen estimate of analysts.
Haier Electronics soared 21% in Hong Kong, the most on the MSCI Asia Pacific Index. Alibaba will pay HK$541 million for a 9.9% stake in Qingdao Haier Logistics Co. and HK$965 million for about 2% of white-goods maker Haier Electronics, according to a stock-exchange filing.
EUROPE
European stocks were little changed, with the Stoxx Europe 600 Index posting a second weekly drop, as investors awaited next week’s Federal Reserve meeting, and as gains in AstraZeneca Plc (AZN) offset PSA Peugeot (UG) Citroen’s slide.
The Stoxx 600 has retreated 2.1% last week.
AstraZeneca Plc gained 1.8%.
ARM Holdings Plc (ARM) climbed 3%. The U.K. chip designer announced the acquisition of Geomerics.
Home Retail Group Plc (HOME) added 2.2%. Deutsche Bank AG raised the owner of the Argos chain to buy from hold, citing a “more buoyant consumer atmosphere.”
Hays Plc climbed 2.1%. Morgan Stanley initiated coverage of the recruitment company with an overweight rating.
Syngenta AG (SYNN), the world’s biggest maker of crop chemicals, advanced 1.8% as Vontobel Holding AG upgraded its recommendation on the stock to buy from hold and raised the price estimate by 7.8%.
Peugeot declined 12%. General Motors, the U.S. automaker that acquired a stake in Peugeot last year, is selling its entire 7% holding -- 24.8 million shares - - through a private placement to institutional investors.
RSA Insurance (RSA) plunged 7.2%.
Delta Lloyd NV (DL) dropped 3%. Goldman Sachs Group Inc. cut its rating on the biggest Dutch provider of group life insurance to neutral from buy, citing the stock’s rally. The shares have gained 39% this year.
USA
U.S. stocks closed the worst week for the Standard & Poor’s 500 Index since August, with losses in oil producers and phone shares offsetting gains after the House of Representatives passed a budget deal. The S&P 500 has fallen 1.7% last week, the biggest decline since August. The S&P 500 has surged 24% this year.
The House passed a budget late Thursday that limits automatic spending cuts and avoids another government shutdown.
Energy producers slid 0.4%, the most among 10 main groups in the S&P 500.
Meanwhile, Adobe jumped 13% to a record $60.89.
Texas Industries surged 14%. The owners of the Dallas-based cement company are working with Citigroup Inc. to find a buyer, three people familiar with the matter said late yesterday. The business may attract Switzerland’s Holcim Ltd. and U.S. competitor Vulcan Materials Co., one of the people said.
Vulcan Materials, a maker of concrete and cement, climbed 3.2%.
Electronic Arts Inc. (EA) increased 6%. U.S. sales of video-game hardware jumped 58% in November from the prior year, NPD Group Ltd. said yesterday.
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