Asian stocks fell, led by materials companies on concern Chinese demand for metals may stagnate.
Rio Tinto, the world's third-largest mining company, lost 1.2 per cent after metal prices dropped yesterday. BHP Billiton, the biggest, retreated 0.6 per cent, and Mitsubishi Corp, Japan's largest commodities trader, declined 0.3 per cent in Tokyo.
"There are seeds of risk everywhere around us," said Kiyoshi Ishigane, a strategist in Tokyo at Mitsubishi UFJ Asset Management. "At the same time, we're seeing some positive news among the risk seeds."
The MSCI Asia Pacific Index was little changed at 122.54 in Tokyo, with about two stocks declining for every one that advanced. Materials companies dropped the most among the gauge's 10 industry groups.
The index has risen 74 per cent since March 9 last year, when it sank to its lowest level since the September 2008 bankruptcy filing of Lehman Brothers Holdings.
Japan's Nikkei 225 Stock Average fell 0.3 per cent, and most major benchmarks in the Asia-Pacific region retreated. Australia's S&P/ASX 200 Index was little changed as mining stocks fell, while consumer shares gained after a report showed the country's business confidence rose for a second month.
Futures on the Standard & Poor's 500 Index dropped 0.2 per cent. Yesterday in New York, most stocks on the gauge rose after American International Group announced the $US15.5 billion sale of a unit and Sprint Nextel said it expects revenue growth in the next several quarters, overshadowing a drop among health-care stocks after President Barack Obama began a final push to overhaul the medical industry.
"Today, any gain in shares will be minimal," said Fumiyuki Nakanishi, a senior strategist at Tokyo-based SMBC Friend Securities. "I'm advising my clients to take profit when prices go up."
Bloomberg
