Asian Stocks Decline On Doubt Over Spain’s Bailout Plan

Reuters/Bobby Yip

Bloomberg News – By Jonathan Burgos and Adam Haigh – June 12, 2012

Asian stocks fell, with the regional benchmark index retreating from a two week high, as surging Spanish bond yields stoked concern that a bailout for the nation’s banks won’t tame the European debt crisis.

Cosco Pacific Ltd., which operates a port in Greece, slid 1.3 percent in Hong Kong. Brilliance China Automotive Holdings Ltd. (1114) dropped 2.6 percent, pacing declines among Chinese carmakers, after the government said vehicle prices dropped in May. Rio Tinto (RIO) Group, the world’s third-largest mining company by market value, lost 1.7 percent in Sydney as copper futures slid.

The MSCI Asia Pacific Index (MXAP) fell 0.5 percent to 112.9 as of 7:22 p.m. in Tokyo, with almost two shares sliding for each that rose. The gauge dropped 12 percent from its peak this year on Feb. 29 through yesterday amid concern economic growth is slowing in China and the U.S. and as Europe’s debt crisis intensified.

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