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March 6, 2012, 4:03 a.m. EST

Asian stocks move solidly lower

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By Sarah Turner and Nick Godt, MarketWatch

MUMBAI (MarketWatch) — Asian shares fell sharply Tuesday, with steel makers among the top decliners, following global peers lower on growth concerns.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.62%  lost 2.2%, the Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +2.32% fell 1.4%, and Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -1.54%  ended 0.6% lower.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.91%  dropped 0.8%, and Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -1.97%  closed with a 1.4% loss.

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Stocks slip on growth data

Stocks bounce back from morning losses but still end the day lower amid concerns about slowing global economic growth.

U.S. shares had ended the day with small losses Monday, with investors taking their first chance to react to China’s cut to its 2012 growth estimate. Read more on Chinese GDP target.

Data out later Monday weren’t inspiring, with a gauge of euro-zone business activity falling into contraction territory in February. Read more on European PMI.

U.S. data showed a better-than-expected reading for the Institute for Supply Management’s non-manufacturing index, but orders to U.S. factories declined in January for the first time in three months. Read more on factory orders.

Monday’s U.S. numbers were just the start for this week’s data-heavy calendar, which culminates with U.S. nonfarm jobs data on Friday.

“I think that people are focusing very heavily on what’s going to happen with the U.S. jobs number on Friday. Up until now we’ve been mostly worried about Greece and oil, and this is the third man at the party,” said Andrew Sullivan, a strategist at Piper Jaffray.

As for the cut to China’s GDP forecast, Sullivan said: “I think some were slightly hopeful that [China] was going to maintain with 8% growth — being the lucky number. That would mean that we would have got more stimulus.”

With global growth back under the spotlight, commodity-linked firms weakened in Asian trading, after many key resource prices moved lower overnight.

In Australia, BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -3.53%   /zigman2/quotes/208108397/composite BHP -3.45%  and Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -3.32%   /zigman2/quotes/202627887/composite RIO -3.07%  lost 2.3% apiece.

Japanese oil majors declined, with JX Holdings Inc. /zigman2/quotes/208590403/delayed JP:5020 -1.31%   /zigman2/quotes/204275471/composite JXHGF -4.77%  down 1.2%, and Inpex Corp. /zigman2/quotes/206689846/delayed JP:1605 -3.61%   /zigman2/quotes/207958170/composite IPXHY -3.35%  lower by 0.9%.

In Hong Kong, Aluminium Corp. of China Ltd. /zigman2/quotes/202960704/delayed HK:2600 -2.30%   /zigman2/quotes/208051344/composite ACH +0.41%  fell 5.3%, while Jiangxi Copper Co. /zigman2/quotes/201668148/delayed HK:358 -2.01%   /zigman2/quotes/204256025/composite JIXAY -2.45%  lost 4.8% and PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 -1.06%   /zigman2/quotes/205108732/composite PTR -2.20%  fell 2.3%.

Molten steel stocks

The cut in China’s economic outlook and indications the nation will scale back infrastructure spending weighed on steel makers across the globe, with U.S. Steel Corp. /zigman2/quotes/200069642/composite X -3.40%  ending down 4.7% in New York, and ArcelorMittal SA /zigman2/quotes/209487033/delayed NL:MT -3.72%   /zigman2/quotes/202790215/composite MT -3.87%  dropping 3.8% in Europe on Monday.

“If you believe there’s going to be a slowdown in China, and that they are maintaining all their tough policies on property, then there’s going to be less requirement for steel construction,” said Piper Jaffray’s Sullivan.

“Certainly with non-construction steel, specialist steels and the marine-type steels, the other thing to bear in mind there is that...if China is slowing down, there’s going to be less need for shipping as they are going to importing and exporting less.”

Asia-Pacific steel firms under pressure included OneSteel Ltd  , down 3.4% in Australia, while in Seoul, Posco /zigman2/quotes/209201002/composite PKX -0.87%  shares were down 3.4% and Hyundai Steel Co. lost 1.8%.

Japanese steel maker Kobe Steel Ltd. /zigman2/quotes/207391157/delayed JP:5406 -2.06%   /zigman2/quotes/204389518/composite KBSTF -14.45% fell 3.8% after the firm said that it won’t pay a term-end dividend due to challenging trading conditions. Rival JFE Holdings Inc. /zigman2/quotes/204336633/delayed JP:5411 -1.45%   /zigman2/quotes/203557603/composite JFEEF -11.86%  declined 3.1%, and over in Hong Kong, Angang Steel Co. /zigman2/quotes/209338869/delayed HK:347 -2.01%   /zigman2/quotes/205396484/composite ANGGF -9.19%  fell 7.6%.

Shares exposed to global trade also suffered Tuesday. Hong Kong-listed ports operator Cosco Pacific Ltd. /zigman2/quotes/204918291/composite CSPKY -9.29%  fell 5.1%, while Seoul-listed shipping firm STX Pan Ocean Co. lost 4.6%.

Among Japanese shippers, Mitsui O.S.K. Lines Ltd. /zigman2/quotes/204152844/delayed JP:9104 -2.20%   /zigman2/quotes/207984028/composite MSLOY -2.09%   dropped 2.8%, while Kawasaki Kisen Kaisha Ltd. /zigman2/quotes/201857679/delayed JP:9107 -3.17%   /zigman2/quotes/209474190/composite KAIKY -0.65%  fell 3.8%, and Nippon Yusen K.K. /zigman2/quotes/203488100/delayed JP:9101 -1.80%   /zigman2/quotes/208117193/composite NPNYY -1.74%  dropped 2.5%.

Back in Hong Kong, AIA Group Ltd. /zigman2/quotes/203565558/delayed HK:1299 -0.64%   /zigman2/quotes/201974019/composite AAIGF -0.64%  tumbled 8.4% as shares resumed trading after news that American International Group Inc. /zigman2/quotes/203700638/composite AIG +0.65%  had sold off shares in the insurer. See report on AIG sale of AIA shares.

Other Hong-Kong listed insurance firms were also under pressure, with Ping An Insurance (Group) Co. /zigman2/quotes/202212125/composite PNGAY -0.15%   /zigman2/quotes/210315058/delayed HK:2318 -0.84%  and China Life Insurance Co. /zigman2/quotes/206573290/composite LFC +0.82%   /zigman2/quotes/202359856/delayed HK:2628 +0.59%  both down 3.7%.

Mazda Motor Corp. /zigman2/quotes/204777714/delayed JP:7261 -0.54%   /zigman2/quotes/206646681/composite MZDAF -0.36%  climbed 2.3% after the firm set the price late Monday for a share offering that’s expected to raise $1.8 billion.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
21,859.79
-137.10 -0.62%
Volume: 2.82M
June 30, 2022 4:08p
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.98
+0.34 +2.32%
Volume: 154.87M
June 30, 2022 3:00p
P/E Ratio
7.44
Dividend Yield
1.52%
Market Cap
¥284.10 billion
Rev. per Employee
¥6.58M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,393.04
-411.56 -1.54%
Volume: 0.00
June 30, 2022 3:15p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,332.64
-45.35 -1.91%
Volume: 515,396
June 30, 2022 3:32p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,568.10
-132.10 -1.97%
Volume: 2,642
July 1, 2022 7:22a
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 41.25
-1.51 -3.53%
Volume: 430,640
June 30, 2022 4:10p
P/E Ratio
9.28
Dividend Yield
11.63%
Market Cap
$216.43 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 56.18
-2.01 -3.45%
Volume: 3.59M
June 30, 2022 4:00p
P/E Ratio
8.57
Dividend Yield
12.46%
Market Cap
$148.84 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 102.70
-3.53 -3.32%
Volume: 125,358
June 30, 2022 4:10p
P/E Ratio
5.98
Dividend Yield
10.58%
Market Cap
$151.59 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 61.00
-1.93 -3.07%
Volume: 3.84M
June 30, 2022 4:00p
P/E Ratio
4.69
Dividend Yield
12.98%
Market Cap
$104.25 billion
Rev. per Employee
$1.29M
loading...
/zigman2/quotes/208590403/delayed
JP : Japan: Tokyo
¥ 513.70
-6.80 -1.31%
Volume: 14.53M
June 30, 2022 3:00p
P/E Ratio
3.08
Dividend Yield
4.28%
Market Cap
¥1671.46 billion
Rev. per Employee
¥260.96M
loading...
/zigman2/quotes/204275471/composite
US : U.S.: OTC
$ 3.80
-0.19 -4.77%
Volume: 118,200
June 23, 2022 3:03p
P/E Ratio
2.57
Dividend Yield
N/A
Market Cap
$12.20 billion
Rev. per Employee
$2.32M
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 1,470.00
-55.00 -3.61%
Volume: 12.00M
June 30, 2022 3:00p
P/E Ratio
7.52
Dividend Yield
3.67%
Market Cap
¥2111.44 billion
Rev. per Employee
¥390.21M
loading...
/zigman2/quotes/207958170/composite
US : U.S.: OTC
$ 10.68
-0.37 -3.35%
Volume: 86,354
June 30, 2022 3:56p
P/E Ratio
6.18
Dividend Yield
2.74%
Market Cap
$15.43 billion
Rev. per Employee
$4.13M
loading...
/zigman2/quotes/202960704/delayed
HK : Hong Kong
$ 2.97
-0.07 -2.30%
Volume: 45.89M
June 30, 2022 4:08p
P/E Ratio
8.62
Dividend Yield
1.25%
Market Cap
$85.56 billion
Rev. per Employee
$5.41M
loading...
/zigman2/quotes/208051344/composite
US : U.S.: NYSE
$ 9.51
+0.04 +0.41%
Volume: 70,997
June 30, 2022 4:10p
P/E Ratio
8.58
Dividend Yield
N/A
Market Cap
$10.90 billion
Rev. per Employee
$696,443
loading...
/zigman2/quotes/201668148/delayed
HK : Hong Kong
$ 10.74
-0.22 -2.01%
Volume: 8.87M
June 30, 2022 4:08p
P/E Ratio
5.35
Dividend Yield
5.47%
Market Cap
$58.61 billion
Rev. per Employee
$20.34M
loading...
/zigman2/quotes/204256025/composite
US : U.S.: OTC
$ 66.59
-1.67 -2.45%
Volume: 0.00
March 31, 2022 11:14a
P/E Ratio
5.92
Dividend Yield
0.00%
Market Cap
$8.64 billion
Rev. per Employee
$2.75M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.74
-0.04 -1.06%
Volume: 80.28M
June 30, 2022 4:08p
P/E Ratio
7.22
Dividend Yield
7.21%
Market Cap
$1087.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 46.64
-1.05 -2.20%
Volume: 203,765
June 30, 2022 4:00p
P/E Ratio
5.98
Dividend Yield
6.72%
Market Cap
$138.55 billion
Rev. per Employee
$887,451
loading...
/zigman2/quotes/200069642/composite
US : U.S.: NYSE
$ 17.91
-0.63 -3.40%
Volume: 13.50M
June 30, 2022 4:00p
P/E Ratio
1.04
Dividend Yield
1.12%
Market Cap
$4.83 billion
Rev. per Employee
$897,759
loading...
/zigman2/quotes/209487033/delayed
NL : Netherlands: Euronext Amsterdam
21.51
-0.83 -3.72%
Volume: 5.80M
June 30, 2022 5:39p
P/E Ratio
1.58
Dividend Yield
1.67%
Market Cap
€18.00 billion
Rev. per Employee
€448,822
loading...
/zigman2/quotes/202790215/composite
US : U.S.: NYSE
$ 22.60
-0.91 -3.87%
Volume: 4.42M
June 30, 2022 4:00p
P/E Ratio
1.43
Dividend Yield
1.43%
Market Cap
$18.87 billion
Rev. per Employee
$520,642
loading...
/zigman2/quotes/209201002/composite
US : U.S.: NYSE
$ 44.52
-0.39 -0.87%
Volume: 152,095
June 30, 2022 4:00p
P/E Ratio
2.45
Dividend Yield
6.94%
Market Cap
$13.62 billion
Rev. per Employee
$3.65M
loading...
/zigman2/quotes/207391157/delayed
JP : Japan: Tokyo
¥ 617.00
-13.00 -2.06%
Volume: 3.81M
June 30, 2022 3:00p
P/E Ratio
3.81
Dividend Yield
6.48%
Market Cap
¥248.67 billion
Rev. per Employee
¥54.65M
loading...
/zigman2/quotes/204389518/composite
US : U.S.: OTC
$ 4.56
-0.77 -14.45%
Volume: 3.00
June 27, 2022 10:30a
P/E Ratio
3.14
Dividend Yield
N/A
Market Cap
$1.80 billion
Rev. per Employee
$486,349
loading...
/zigman2/quotes/204336633/delayed
JP : Japan: Tokyo
¥ 1,430.00
-21.00 -1.45%
Volume: 5.34M
June 30, 2022 3:00p
P/E Ratio
2.86
Dividend Yield
9.79%
Market Cap
¥835.48 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203557603/composite
US : U.S.: OTC
$ 10.73
-1.44 -11.86%
Volume: 68.00
June 29, 2022 2:21p
P/E Ratio
2.41
Dividend Yield
N/A
Market Cap
$6.11 billion
Rev. per Employee
$604,163
loading...
/zigman2/quotes/209338869/delayed
HK : Hong Kong
$ 2.93
-0.06 -2.01%
Volume: 6.44M
June 30, 2022 4:08p
P/E Ratio
3.38
Dividend Yield
8.84%
Market Cap
$34.17 billion
Rev. per Employee
$5.38M
loading...
/zigman2/quotes/205396484/composite
US : U.S.: OTC
$ 0.44
-0.04 -9.19%
Volume: 0.00
April 21, 2022 3:09p
P/E Ratio
3.91
Dividend Yield
N/A
Market Cap
$5.00 billion
Rev. per Employee
$710,307
loading...
/zigman2/quotes/204918291/composite
US : U.S.: OTC
$ 7.03
-0.72 -9.29%
Volume: 100.00
June 27, 2022 3:44p
P/E Ratio
6.54
Dividend Yield
5.35%
Market Cap
$2.48 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204152844/delayed
JP : Japan: Tokyo
¥ 3,105.00
-70.00 -2.20%
Volume: 7.14M
June 30, 2022 3:00p
P/E Ratio
1.58
Dividend Yield
11.27%
Market Cap
¥1146.86 billion
Rev. per Employee
¥148.51M
loading...
/zigman2/quotes/207984028/composite
US : U.S.: OTC
$ 11.17
-0.24 -2.09%
Volume: 49,397
June 30, 2022 3:35p
P/E Ratio
2.40
Dividend Yield
27.83%
Market Cap
$8.38 billion
Rev. per Employee
$1.32M
loading...
/zigman2/quotes/201857679/delayed
JP : Japan: Tokyo
¥ 8,250.00
-270.00 -3.17%
Volume: 3.81M
June 30, 2022 3:00p
P/E Ratio
1.20
Dividend Yield
3.64%
Market Cap
¥801.60 billion
Rev. per Employee
¥146.76M
loading...
/zigman2/quotes/209474190/composite
US : U.S.: OTC
$ 30.49
-0.20 -0.65%
Volume: 300.00
June 30, 2022 9:59a
P/E Ratio
1.00
Dividend Yield
N/A
Market Cap
$5.86 billion
Rev. per Employee
$1.31M
loading...
/zigman2/quotes/203488100/delayed
JP : Japan: Tokyo
¥ 9,270.00
-170.00 -1.80%
Volume: 3.93M
June 30, 2022 3:00p
P/E Ratio
1.55
Dividend Yield
11.38%
Market Cap
¥1594.96 billion
Rev. per Employee
¥64.86M
loading...
/zigman2/quotes/208117193/composite
US : U.S.: OTC
$ 13.56
-0.24 -1.74%
Volume: 30,301
June 30, 2022 3:57p
P/E Ratio
1.28
Dividend Yield
14.23%
Market Cap
$11.66 billion
Rev. per Employee
$577,180
loading...
/zigman2/quotes/203565558/delayed
HK : Hong Kong
$ 85.05
-0.55 -0.64%
Volume: 26.60M
June 30, 2022 4:08p
P/E Ratio
17.80
Dividend Yield
1.72%
Market Cap
$1025.12 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201974019/composite
US : U.S.: OTC
$ 10.87
-0.07 -0.64%
Volume: 28,745
June 30, 2022 3:46p
P/E Ratio
17.69
Dividend Yield
N/A
Market Cap
$130.65 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203700638/composite
US : U.S.: NYSE
$ 51.13
+0.33 +0.65%
Volume: 4.07M
June 30, 2022 4:00p
P/E Ratio
4.46
Dividend Yield
2.50%
Market Cap
$40.24 billion
Rev. per Employee
$1.46M
loading...
/zigman2/quotes/202212125/composite
US : U.S.: OTC
$ 13.75
-0.02 -0.15%
Volume: 162,215
June 30, 2022 3:59p
P/E Ratio
7.95
Dividend Yield
4.49%
Market Cap
$126.26 billion
Rev. per Employee
$513,733
loading...
/zigman2/quotes/210315058/delayed
HK : Hong Kong
$ 53.35
-0.45 -0.84%
Volume: 24.44M
June 30, 2022 4:08p
P/E Ratio
9.72
Dividend Yield
5.36%
Market Cap
$990.71 billion
Rev. per Employee
$3.99M
loading...
/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 8.64
+0.07 +0.82%
Volume: 687,461
June 30, 2022 4:00p
P/E Ratio
8.35
Dividend Yield
4.81%
Market Cap
$107.75 billion
Rev. per Employee
$1.28M
loading...
/zigman2/quotes/202359856/delayed
HK : Hong Kong
$ 13.66
+0.08 +0.59%
Volume: 31.89M
June 30, 2022 4:08p
P/E Ratio
6.31
Dividend Yield
5.58%
Market Cap
$845.44 billion
Rev. per Employee
$9.84M
loading...
/zigman2/quotes/204777714/delayed
JP : Japan: Tokyo
¥ 1,110.00
-6.00 -0.54%
Volume: 4.53M
June 30, 2022 3:00p
P/E Ratio
8.58
Dividend Yield
3.15%
Market Cap
¥702.93 billion
Rev. per Employee
¥64.01M
loading...
/zigman2/quotes/206646681/composite
US : U.S.: OTC
$ 8.37
-0.03 -0.36%
Volume: 20.00
June 23, 2022 2:30p
P/E Ratio
7.38
Dividend Yield
N/A
Market Cap
$5.34 billion
Rev. per Employee
$557,744
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Sarah Turner is MarketWatch's bureau chief in Sydney. Nick Godt is a MarketWatch reporter based in Mumbai.

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