May 21 (Bloomberg) -- Asian stocks retreated, dragging the MSCI Asia Pacific Index from a seven-month high, as a strengthening yen hurt Japanese earnings prospects and the U.S. Federal Reserve projected a deeper recession.
Canon Inc., which got 28 percent of its revenue in the Americas last year, lost 2.4 percent. Takashimaya Co. sank 3.9 percent, leading declines among Japanese retailers, as the first cases of swine flu were confirmed in the Tokyo area. Melco International Development Co., which operates casinos, slumped 9.7 percent in Hong Kong after a venture posted a loss.
No comments:
Post a Comment