Panasonic Forecasts a Loss 30x Greater Than Expected Hurting the Nikkei

“Asian stocks fell as Panasonic Corp. led declines among Japanese electronics makers after forecasting a loss 30 times bigger than analysts estimated, overshadowing a report China’s manufacturing output expanded for the first time in three months.

Panasonic plunged 19 percent, the most since at least 1974, to lead a retreat on the MSCI Asia Pacific Index. (MXAP) Arrium Ltd. tumbled 13 percent after a consortium that includes Noble Group Ltd. and Posco dropped an attempt to buy the Australian steelmaker. Sands China Ltd. climbed 2.9 percent, pacing gains among Macau casino operators, as gaming revenue in the Chinese city rose to a record last month.”

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