Rio Tinto Ltd. (BHP), the world’s second-largest mining firm, lost 1.6 percent in Sydney with raw-materials shares among the largest decliners of the regional index’s 10 industry groups. Mazda Motor Corp., an automaker that gets 73 percent of sales overseas, tumbled 3.5 percent in Tokyo as the yen touched an almost one-month high against the dollar. China’s Shanghai Composite Index (SHCOMP) rose for a fourth day amid speculation lawmakers will announce measures to reform state-owned companies during an annual meeting this week.
The MSCI Asia Pacific Index slid 0.7 percent to 136.94 as of 2:20 p.m. in Hong Kong. Futures on the Standard & Poor’s 500 Index lost as much as 1.1 percent, the biggest decline in a month, after the equity gauge rose to a record at the end of February. U.S. Secretary of State John Kerry said he is preparing to visit Kiev as Russia seized control of Ukraine’s Crimea region, intensifying one of the most serious standoffs since the Cold War ended.
“The immediate concern for markets is the possibility of escalation,” Ric Spooner, Sydney-based chief analyst at CMC Markets, said in an e-mail. “While most consider it unlikely that the West will be drawn into this conflict other than diplomatically, some hedging and de-risking of portfolios is not unusual in these situations.”
Asian shares last week posted a third week of gains, completing the first monthly advance since October, as company profit forecasts and takeover speculation in the technology industry outweighed concern that the region’s biggest economy is slowing. China’s Purchasing Managers’ Index fell to 50.2, the lowest since June, the National Bureau of Statistics and China Federation of Logistics & Purchasing said March 1 in Beijing.
Japan’s Topix index lost 1.2 percent as the yen rose 0.4 percent to 101.41 per dollar. Mazda slid 3.5 percent to 472 yen, while Toyota Motor Corp. declined 1.1 percent to 5,773 yen.
Australia’s S&P/ASX 200 Index (AS51) fell 0.4 percent, Singapore’s Straits Times Index declined 0.8 percent, and Taiwan’s Taiex Index lost 0.4 percent. South Korea’s Kospi index dropped 0.8 percent, while Hong Kong’s Hang Seng Index slid 0.9 percent. New Zealand’s NZX 50 Index gained 0.3 percent to a record high.
Gauges of equity volatility surged across the region. The HSI Volatility Index, which measures the cost of options on Hong Kong’s Hang Seng Index, rose 5.9 percent, and Japan’s Nikkei Stock Average Volatility Index gained 6.8 percent, as both gauges headed for the biggest increase in a month.
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