ASIA
Asian stocks declined at the end of last week.
A more than 1% tumble in the U.S. dollar against the yen below the Y104 level pressured shares of exporters, with Hitachi Ltd. falling 3%, Toshiba Corp. shedding 1.6% and Sony Corp. losing 1.3%.
But shares of Apple Inc. supplier Murata Manufacturing Co. gained 1.1% after Apple shares advanced on the back of billionaire investor Carl Icahn’s campaign to convince Apple to raise its share buyback program by another $50 billion.
Hong Kong stocks fell Friday. The Hang Seng Index dipped 1.25%.
Both Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. lost 0.6%, while China Merchants Bank Co. fell 1.3%, and Agricultural Bank of China Ltd. slipped 0.5%.
Citic 21CN , a Chinese integrated information and content provider, more than quadrupled its price after the company said in a filing that e-commerce giant Alibaba Group Holding Ltd. and Yunfeng Capital would invest 1.33 billion Hong Kong dollars ($172 million) for a more than 54% stake in the company. Alibaba's major rival in China, Tencent Holdings Ltd. , retreated 2%. Casino stocks also added to recent weakness after J.P. Morgan recently said the stocks are fairly valued and downgraded MGM China Holdings Ltd. a day earlier.
MGM China Holdings Ltd. fell another 2.9%, and Melco Crown Entertainment Ltd. dropped 1.9%. On the Chinese mainland, the Shanghai Composite Index added 0.6%.
Australian stocks also closed lower with the S&P/ASX 200 down 0.42%.
Financials showed some weakness with Australia & New Zealand Banking Group off 0.7%, while National Australia Bank Ltd. and Westpac Banking Corp. gave up 0.3% apiece.
EUROPE
European stocks fell for a second day, extending the Stoxx Europe 600 Index’s weekly drop, as investors assessed a tumble in emerging-market currencies amid concern Federal Reserve tapering is hurting growth.
The Stoxx 600 slid 2.5 percent to 324.51, for its biggest decline since June. The gauge fell 3.4% this week.
In Germany, the yield on 10-year government bonds fell to the lowest level since August as concern growth in emerging markets is slowing boosted demand for the safest assets.
Banco Bilbao Vizcaya Argentaria SA dropped 5.6% on investor concern about its exposure to Turkey and Argentina. Novartis (NOVN) AG lost 2.9% after failing to win backing from a European advisory panel for its Serelaxin treatment for acute heart failure. Aberdeen Asset Management Plc slumped 5.4% as Morgan Stanley recommended selling the stock. Celesio AG gained 3.6% as McKesson Corp. agreed to buy majority-owner Franz Haniel & Cie.’s entire holding in the company.
USA
U.S. stocks fell for the week, giving benchmark indexes their biggest losses since 2012.
The Standard & Poor’s 500 Index fell 2.6% to 1,790.29 over the four trading days, posting its largest decrease since June 2012 and retreating for the second straight week. The Dow lost 579.45 points, or 3.5% to 15,879.11, for its biggest drop since May 2012.
Markets were closed on Jan. 20 for the Martin Luther King Jr. Day holiday.
All 10 main groups in the S&P 500 retreated as materials producers lost 4.5% and industrial stocks declined 4%.
DuPont fell 6.3%, GE tumbled 6.1% and Caterpillar slid 5.8%. Cliffs Natural Resources, the biggest U.S. iron-ore producer, plunged 14%.
Companies whose earnings are most tied to economic swings dropped. Whirlpool Corp. slumped 7.1% and Freeport-McMoRan Copper & Gold Inc. lost 9.5%.
JPMorgan Chase & Co. erased 5.2% and American Express Co. slid 4.4%, pacing a 3.8% drop among financial firms.
IBM dropped 5.5%. The world’s biggest computer-services provider said revenue declined to $27.7 billion in the three months through December. The company agreed to sell the server division for $2.3 billion to Lenovo Group Ltd.
Advanced Micro Devices Inc. slumped 17%, the most since October 2012, to $3.47.
Johnson & Johnson (JNJ) declined 4.7% for the largest drop since May 2010. The world’s biggest maker of health-care products forecast 2014 profit of $5.75 to $5.85 a share, excluding one-time items. The outlook was below the $5.86 average of analysts’ estimates.
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