Asian Markets Fall on U.S. Data, Downgrades, and Continued Weakness in Commodities

“Asian stocks fell, with the regional benchmark index headed for a one-week low, as raw-material suppliers dropped after commodities entered a bear market and reports on U.S. home sales and manufacturing missed estimates.

BHP Billiton Ltd. (BHP), the world’s biggest mining company, slipped 2.1 percent in Sydney. Samsung Electronics Co., the largest mobile-phone maker by sales, fell 3.7 percent in Seoul. Mitsubishi UFJ Financial Group Inc., Japan’s No. 1 lender, lost 1.1 percent in Tokyo after 15 global banks were downgraded by Moody’s Investors Service.

The MSCI Asia Pacific Index (MXAP) fell 1.2 percent to 114.18 as of 7:21 p.m. in Tokyo, heading for its lowest close since June 15. About three shares declined for each that rose in the gauge, which is erasing this week’s advance. More than $5 trillion has been wiped from global equities since a March peak amid slowing economic growth in the U.S. and China, and a spreadingEuropean debt crisis that pushed Spain’s borrowing costs to a record.”

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