Asian Stocks Fluctuate as Panasonic Declines, Woodside Advances

French Finance Minister Christine Lagarde told reporters that European nations “have confirmed the substance and significance” of Greece’s plan to reduce the deficit without outside assistance.

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By Shani Raja and Anna Kitanaka

Feb. 8 (Bloomberg) -- Asian stocks fluctuated as Japanese consumer-related companies declined following disappointing
earnings, while Australian commodity producers climbed. Panasonic Corp. fell 4.9 percent in Tokyo after the electronics maker had a loss. Yamaha Motor Co., a motorcycle maker, retreated after reporting a bigger-than-forecast loss. Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, rose as the price of crude oil rallied. The MSCI Asia Pacific Index was little changed at 114.64 as of 9:47 a.m. in Tokyo, with about as many stocks advancing as declining. The gauge has fallen 9.5 percent from a 17-month high on Jan. 15 on concern central banks from China to India will
tighten monetary policy to curb inflation. “The market is still pretty nervous,” said Chris Hall, who helps manage $3.3 billion at Argo Investments Ltd. in Adelaide, Australia.

Japan’s Nikkei 225 Stock Average was also little changed. Australia’s S&P/ASX 200 Index rose 0.5 percent, as the government said it’s withdrawing guarantees on large deposits and wholesale funding on signs credit markets are recovering from the global financial crisis. New Zealand’s NZX 50 Index fell 0.1 percent in Wellington even as house prices increased for a fourth month in January. The MSCI Asia Pacific Index dropped 1.8 percent last week, a third weekly decline. That cut the average price of stocks in the gauge to 18 times estimated earnings, the lowest level since
February 2009, according to data compiled by Bloomberg.


S&P 500

On Feb. 5, the Standard & Poor’s 500 Index added 0.3 percent in New York, erasing an early 1.8 percent drop, on speculation the European Union would devise a solution for budget deficits in Greece and Spain. Concluding a meeting of Group of Seven finance ministers in Canada, European officials said they will help ensure Greece tackles the largest budget deficit in the region. French Finance Minister Christine Lagarde told reporters that European nations “have confirmed the substance and significance” of Greece’s plan to reduce the deficit without outside assistance. Crude oil for March delivery rose 0.9 percent today after having lost 7.8 percent in the past three days. Copper futures
for March delivery climbed 0.9 percent, the first advance in four days.