“Asian stocks fell, with the region’s benchmark index sinking for the third day in four, as lower profit forecasts fueled concern that a slowing global economic recovery will crimp earnings.
Tokyo Electron Ltd., Japan’s biggest manufacturer of chip- making equipment, declined 2.1 percent in Tokyo, leading chipmakers lower after Applied Materials Inc., the world’s largest producer of chipmaking equipment, forecast third-quarter profit and sales that missed analyst estimates. Austal Ltd. (ASB), an Australian shipbuilder, plunged 9.7 percent in Sydney after lowering its full-year earnings forecast. Toyota Motor Corp. (7203) led Japanese carmakers higher after a report predicted auto production will recover from the country’s March earthquake.
The MSCI Asia Pacific Index fell 0.6 percent to 130.99 as of 6:38 p.m. in Tokyo, reversing an earlier gain of as much as 0.4 percent. More than two stocks fell for each that gained on the gauge, which last week slid for a third straight week as Greece’s debt crisis intensified, Japan’s economy contracted, and disappointing U.S. economic data fueled concern about the global recovery.”
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