Asian stocks fall

For the first time in four days, Asian stocks have fallen as a result of renewed concerns from credit losses and a slowdown in economic growth.

Macquarie Group Ltd., Australia’s No. 1 investment bank, and Nomura Holdings Inc., Japan’s biggest, dropped after Standard & Poor cut its ratings on three of Wall Street’s biggest firms.

After Standard & Poor cut its ratings on Nomura Holdings Inc., Japan’s biggest ratings fell on many of the biggest firms as Honda Motor Co. fell after the dollar weakened against the yen, which subsequently caused a huge hole in the companies overseas profits.

Honda dropped 3.3 percent to 3,490 yen, whilst Toyota Motor Corp., fell 1.3 percent to 5,400 yen, as the yen itself climbed to 104.19 per dollar.

China Unicom Ltd. also plummeted along with other Chinese phone companies after the announcement of an industry overhaul.

The MSCI Asia Pacific Index was down by 1.3 percent to 149.95.

There was a drop seen in all Asian equity markets as Japan’s Nikkei 225 Stock Average fell 1.6 percent to 14,209.17.

The S&P/ASX 200 Index dropped by 1.6 percent in Australia, as the central bank retained the interest rates which are currently at a 12-year high.

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