Asian stocks tumble

GLOBAL MARKET/STOCK REPORT

Macquarie, Australia's largest securities company, slumped the most in two months. Sumitomo Realty & Development dropped in Tokyo after Credit Suisse said a decline in house prices may accelerate as banks curb loans amid tight global credit markets. China's stocks tumbled the most in a month on concern last week's earthquake will spur inflation and erode earnings.

"The growth outlook for banks is still very challenging," said Daphne Roth, Singapore-based vice president of equity research at ABN Amro Private Bank, which oversees $20 billion of Asian assets. The MSCI Asia Pacific Index lost 0.5 percent to 153.53 as of 5:16 p.m. in Tokyo, snapping a six-day, 3.7 percent advance. Japan's Nikkei 225 Stock Average lost 0.8 percent to 14,160.09.

China's CSI 300 Index dropped 5.2 percent, Asia's biggest decline. All other benchmark indexes in the region fell apart from the Philippines and Thailand.

Europe
Stocks fell in Europe and Asia, with regional indexes dropping from four-month highs, as near-record oil prices weighed on the outlook for corporate profits and investors speculated the financial market turmoil isn't over. US index futures declined.

Air France-KLM Group, Europe's largest carrier, and Ryanair Holdings Plc retreated as crude traded above $127 a barrel. Macquarie Group Ltd. slumped in Australia after saying a 16-year streak of rising profits may be ending. Europe's Dow Jones Stoxx 600 Index lost 0.7 percent to 330.74 as of 8:05 a.m. in London, while the MSCI Asia Pacific Index decreased 0.6 percent. Futures on the Standard & Poor's 500 Index fell 0.3 percent.

US
Most U.S. stocks fell after SanDisk Corporation said record energy prices hurt sales, spoiling a rally in technology shares. The Standard & Poor's 500 Index advanced to the highest level since January, boosted by oil companies. SanDisk tumbled the most since March after the largest maker of flash-memory cards said April sales were