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Japanese stocks fell, sending the Nikkei 225 Stock Average to a third straight weekly decline, as reports showed the U.S. economy grew at a slower than estimated rate, reducing the earnings outlook for Japanese exporters.
For the week, the Nikkei has lost 0.9 percent, completing its longest streak of weekly losses since October, while the Topix is down 0.4 percent.
Carmakers were the heaviest drag on the Topix among its 33 industry groups after carmakers said production fell last month. Toyota said domestic production plunged 78 percent, the largest decline since 1976. Japan output at Honda Motor Co. and Nissan Motor Co. fell 81 percent and 49 percent respectively. Toyota shares lost 0.6 percent to 3,335 yen. Honda dropped 0.8 percent to 3,070 yen. Nissan sank 0.5 percent to 796 yen.
Sony slumped 3.2 percent to 2,167 yen, the biggest decline on the Nikkei. The company said its full-year net loss widened to 259.6 billion yen ($3.19 billion) from 40.8 billion yen in the year ended March 31. The company forecast profit of 80 billion yen this fiscal year, lower than the 115.9 billion yen average estimate
European stocks fell for a fourth straight week as mounting sovereign-debt concern in Greece and Italy and the worst election defeat for Spain’s ruling Socialist Party in 30 years weighed on investor sentiment.
Alpha Bank SA and Italy’s Banca Popolare di Milano Scrl led a retreat in Greek and Italian lenders. Burberry Group Plc (BRBY) dropped 4.5 percent after saying operating margin will probably fall in the first half of its fiscal year. Cable & Wireless Communications Plc plunged 7 percent. Mining companies limited declines as copper climbed and Goldman Sachs Group Inc. said it’s turning “more bullish” on commodities.
The Stoxx Europe 600 Index declined 0.2 percent to 279.05 this week as national benchmarks in every west European country except Spain and Norway retreated. The benchmark gauge has fallen 1.7 percent so far this month as commodity producers tumbled with metal and oil prices and Greek 10-year bond yields soared to a record as rating firms downgraded the nation’s credit rating.
U.S. stocks rose, erasing a weekly drop for the Standard & Poor’s 500 Index, as comments from the Group of Eight about the strength of the global economy offset a drop in home sales that was 12 times faster than projected.
A gauge of raw-material producers led the gains in the S&P 500 within 10 industries, rising 1.4 percent. Copper rose to a three-week high in New York as increased premiums signaled stronger demand in China and Standard Chartered Plc predicted price gains, joining banks including Goldman Sachs Group Inc. Freeport, the largest publicly traded copper producer, advanced 2.4 percent to $51.59.
Banks had the biggest gain in the S&P 500 within 24 industries
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