Asian stocks decline

GLOBAL MARKETS/ STOCK REPORT

Air China, the world's largest carrier by market value, and China Petroleum & Chemical Corp slumped after crude futures rose to a record. PT Bank Mandiri, Indonesia's largest, fell after the nation's central bank raised interest rates and said growth may slow on higher inflation.

The MSCI Asia Pacific Index lost 0.4 per cent to 151.71 as at 5:11 pm in Tokyo, poised for its biggest decline in a week. The measure reversed an earlier gain of as much as 0.8 per cent.

The Nikkei 225 Stock Average climbed 0.4 per cent to 14,102.48 in Japan, following a two-day holiday.

About half of Asia's benchmark indexes retreated, with Hong Kong slumping 2.5 per cent. China's CSI 300 Index dropped 4.7 per cent, Asia's biggest decline.

Standard & Poor's 500 Index futures expiring in June slipped 0.3 per cent recently. The S&P 500 climbed to a four-month high yesterday, led by Fannie Mae, after regulators said they will loosen restrictions on the company's capital once it raises new funds, helping alleviate the nation's housing slump.

Europe
European stocks rose for the first time in three days after earnings from Deutsche Boerse AG, Lafarge SA and British American Tobacco Plc beat analysts' estimates.

The Dow Jones Stoxx 600 Index advanced 0.1 per cent to 326.94 at 9:25 am in London, trimming this year's declines to 10 per cent as concerns ease that $319 billion in credit losses will stifle economic and profit growth.

National benchmark indexes rose in all of the 17 western European markets except Denmark. France's CAC 40 gained 0.2 per cent, while Germany's DAX rose 0.5 per cent. The UK's FTSE 100 advanced 0.4 per cent. US
US stocks rose, sending the Standard & Poor's 500 Index to a four-month high, as loosened government restrictions on Fannie Mae sparked a rebound in financial shares and oil companies advanced on record crude prices.

The Standard & Poor's 500 Index added 0.8 per cent to 1,418.26. The Dow Jones Industrial Average increased 0.4 per cent to 13,020.83. The Russell 2000 Index of small-cap stocks rose 0.8 per cent to 729.79.

The S&P 500 Financials Index climbed 0.9 per cent.