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Asian stocks fell for a third day after the European Central Bank failed to deliver immediate action to stem the debt crisis and amid speculation China’s monetary authorities will be slow to ease policy. Sharp Corp. led technology shares lower after it forecast a wider loss.
Nikkei 225 8,555.11 -98.07 -1.13%
S&P/ASX 200 4,221.5 -48.04 -1.13%
Shanghai Composite 2,128.24 +17.06 +0.81%
Commonwealth Bank of Australia and Mitsubishi UFJ Financial Group Inc. paced declines among banks after surging bond yields in Spain and Italy stoked concern Europe’s debt crisis may hamper the global financial system.
Sharp, Japan’s largest maker of liquid-crystal displays, plunged 28 percent after widening its full-year loss forecast and announcing job cuts.
ResMed Inc., the world’s second-biggest maker of machines to regulate breathing for people with sleep disorders, jumped 9.3 percent in Sydney after earnings beat analyst estimates.
European stocks rose for a ninth week as U.S. economic data surpassed estimates, outweighing comments by the Federal Reserve and the European Central Bank that disappointed investors looking for more definitive steps to support growth.
A U.S. report showed nonfarm payrolls in the world’s largest economy climbed more than forecast in July. Employers added 163,000 workers last month, according to the Labor Department. That exceeded the 100,000 median estimate of economists.
Confidence among American consumers unexpectedly rose for the first time in five months, a report on July 31 showed. The Confidence Board’s index increased to 65.9 last month from 62.7 in June. Economists projected a reading of 61.5.
National benchmark indexes rose in 16 of the 18 western European markets. France’s CAC 40 Index gained 2.9 percent, the U.K.’s FTSE 100 Index advanced 2.8 percent, while Germany’s DAX Index jumped 2.6 percent.
Vestas jumped 11 percent. The world’s biggest wind-turbine maker allayed investor concern that it may breach its loan covenants, leading to a default scenario. The company said its banks agreed to let it draw on credit lines and defer a test of the covenants.
Air France rallied 11 percent. The company’s operating loss narrowed to 66 million euros ($82 million) from 145 million euros a year earlier, helped by the introduction of a 2 billion- euro savings plan, Air France said on July 30. That beat the 163 million-euro average estimate of analysts.
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