Most Asian stocks decline

GLOBAL MARKETS/ STOCK REPORT

The dollar-denominated benchmark, whose value is affected by changes in regional currencies, is set for a first-half loss of 13 per cent, the worst since a 23 per cent drop in the same period of 1992, when Japan's asset bubble was deflating.

China's CSI 300 Index lost 0.9 per cent, completing a 23 per cent rout since the end of May for its worst month on record. Japan's Nikkei 225 Stock Average dropped 0.5 per cent to 13,481.38.

Most Asian indexes fell after Citigroup analysts said Asian stock markets will extend declines in the second half as a slowing global economy dampens earnings growth.

Europe
European stocks declined, extending the Dow Jones Stoxx 600 Index's worst first half since at least 1987.

The Stoxx 600 lost 0.4 per cent to 286.23 at 11:17 am in London. Futures on the Dow average fell 0.2 per cent. The MSCI Asia Pacific Index increased 0.3 per cent as five stocks dropped for every four that rose.

National benchmark indexes fell in 15 of the 17 western European markets that were open. The UK's FTSE 100 added 0.1 per cent. Germany's DAX slid 1.6 per cent, while France's CAC 40 lost 0.9 per cent.

US
US stocks slumped last week, pushing the Dow Jones Industrial Average to the brink of a bear market. The Standard & Poor's 500 Index dropped 3 per cent to 1,278.38, a three-month low.

The Dow average retreated 4.2 per cent to 11,346.51 and needs to fall another 0.1 per cent to complete a bear-market decline of 20 per cent from its October record.