Asian stocks fell, ending a six-day winning streak for a regional benchmark index, after Standard & Poor’s cut Spain’s credit rating, fueling concern Europe’s debt crisis will continue to weigh on Asian economies and corporate earnings.
The MSCI Asia Pacific Index dropped 0.3 percent to 117.38 as of 9:09 a.m. in Tokyo, snapping a 9.7 percent advance over the previous six days. The gauge climbed four days this week after German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged at the weekend to deliver a plan to recapitalize banks and address Greece’s debt crisis. Read more
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