Asian stocks fluctuated as electronics makers fell on lower earnings, while commodity companies climbed after oil and metal prices increased.
Panasonic fell 4.6 per cent in Tokyo after the electronics maker had a loss. Yamaha Motor retreated 4.9 per cent after the motorcycle maker reported a bigger-than- forecast loss. Woodside Petroleum, Australia's No. 2 oil and gas producer, rose 2.4 per cent as oil rallied. Ten Network Holdings, an Australian broadcaster, jumped 9.9 per cent on speculation the government will cut industry license fees.
The MSCI Asia Pacific Index was little changed at 114.64 as of 11 a.m. in Tokyo, with about as many stocks advancing as declining. The gauge has fallen 9.5 per cent from a 17-month high on Jan. 15 on concern central banks from China to India will tighten monetary policy to curb inflation.
``Despite the anxiety in recent weeks, the global growth recovery remains intact, led by a strong China,'' said Nader Naeimi, a Sydney-based strategist at AMP Capital Investors, which oversees about $US90 billion globally. ``The correction we're seeing is likely to go further, but I still regard these recent sell-offs as a bump in the road.''
Japan's Nikkei 225 Stock Average fell 0.5 per cent. Australia's S&P/ASX 200 Index rose 0.3 per cent, after the government said it's withdrawing guarantees on large deposits and wholesale funding as credit markets recover from the global financial crisis. New Zealand's NZX 50 Index fell 0.3 per cent in Wellington even as house prices increased for a fourth month in January.
Net losses
Panasonic, the world's largest maker of plasma televisions, fell 4.6 per cent to 1,328 yen. Its net loss was 14.6 billion yen ($180 million) for the nine months ended Dec. 31, compared with a profit of 65.4 billion yen a year earlier, the company said in a statement after markets closed on Feb. 5.
Yamaha Motor retreated 4.9 per cent to 1,192 yen. The company had a net loss of 216.2 billion yen in the year ended Dec. 31, wider than its forecast for a loss of 182 billion yen. Casio Computer Co. sank 5.5 per cent to 624 yen after the electronics maker widened its full-year net loss forecast to 22 billion yen from 7 billion yen.
In Sydney, JB Hi-Fi slumped 4.3 per cent to $19.23 after reporting first-half results and saying Terry Smart will replace Richard Uechtritz as chief executive officer this year.
The MSCI Asia Pacific Index dropped 1.8 per cent 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.
`Pretty nervous'
On Feb. 5 in New York, the Standard & Poor's 500 Index added 0.3 per cent, erasing an early 1.8 per cent 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.
``The market is still pretty nervous,'' said Chris Hall, who helps manage $US3.3 billion at Argo Investments Ltd. in Adelaide, Australia.
Crude oil for March delivery rose as much as 0.9 per cent today after having lost 7.8 per cent in the past three days. Copper futures for March delivery climbed 1.9 per cent, the first advance in four days.
Commodities stocks gain
Woodside Petroleum advanced 2.4 per cent to $42.50 in Sydney. Rio Tinto Group, the world's third-biggest mining company, gained 1.1 per cent to $67.36.
``The resources sector is a long-term theme for us,'' AMP's Naeimi said. ``We expect commodity prices to stay well-bid and strong, and that should benefit resources and the energy sector.''
Ten Network jumped 9.9 per cent to $1.665. Australia's government will provide license-fee rebates of 33 per cent this year and 50 per cent next year, the Australian Financial Review reported, citing Communications Minister Stephen Conroy. The planned cut may save the industry $95 million this year, according to the report.
