Asian Stocks, Oil Drop On Signs Europe Slump Is Worsening

Asian stocks retreated from an eight- week high and crude oil dropped after data indicated a worsening economic slump in Europe. The yen weakened against most major peers as Japansignaled further monetary easing.

The MSCI Asia Pacific Index slid 0.4 percent as of 11:25 a.m. in Tokyo, while futures on theStandard & Poor’s 500 Index declined 0.4 percent. The yen traded weaker than 80 versus the dollar for the first time since June 25. The Philippine peso rose toward a four-year high after a Standard & Poor’s upgrade, while crude oil fell 0.8 percent in New York, where financial markets were closed yesterday for a holiday. Treasuries gained before U.S. jobs reports today and tomorrow.

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