Asian stocks fell, with the regional benchmark retreating from a four-month high, as a stronger yen weighed on Japanese shares and after U.S. equity gauges dropped from records.
Japan’s Topix index lost 0.4%.
The Japanese economy expanded an annualized 5.9% from the previous three months in the first quarter, beating analysts’ estimates for a 4.2% expansion, a report showed today.
South Korea’s Kospi index was little changed. Australia’s S&P/ASX 200 Index gained 0.1% and New Zealand’s NZX 50 Index lost 0.4%. Taiwan’s Taiex index added 0.1%. Singapore’s Straits Times Index rose 0.2%.
Hong Kong’s Hang Seng Index advanced 0.3%. The Shanghai Composite Index fell 0.8%.
Sony slumped 6.1%, the steepest slide since Nov. 1. Its net loss will probably be 50 billion yen ($491 million) in the year ending March, the company said. That compares with a 57.1 billion-yen average of profit estimates and a 128.4 billion-yen net loss the year earlier.
Tencent soared 5.4%. Net income jumped 60% to 6.46 billion yuan ($1.04 billion) in the three months ended March.
Credit Saison Co. slumped 13%, the biggest drop since October 2008, after its net-income forecast trailed estimates.
Sumitomo Mitsui Financial Group Inc., Japan’s second-biggest lender by market value, lost 3% after saying it expects profit to drop 19% to 680 billion yen in the year ending March.
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