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Asian stocks fall on US economy fears

Associated Press Modified: November 11, 2012 at 11:15 pm •  Published: November 11, 2012

Jackson Wong, vice president at Tanrich Securities in Hong Kong, cautioned against too much optimism regarding China's economy amid disappointing Chinese loan growth figures.

Lending in October stood at 505.2 billion yuan ($80.3 billion), dropping 81.6 billion yuan from a year earlier, the People's Bank of China said Monday, according to Xinhua news agency. The figure decreased from the 623.2 billion yuan of new yuan loans registered in September.

"Expect light trading this week unless major news comes out," Wong said.

Among individual stocks, Suzuki Motor Corp. enjoyed a 5.1 percent jump. The company reported a 30.9 percent rise in April-September consolidated net profit reported Friday.

Australia's QBE Insurance Group, which said it expects losses from superstorm Sandy in the U.S. to be up to $450 million, tumbled 8.2 percent.

Wall Street stocks began a slide Wednesday in the biggest sell-off of the year after Obama won re-election. Then investors immediately turned to worrying about the looming fiscal crunch.

On Friday, the Dow Jones industrial average rose marginally to 12,815.39. The Standard & Poor's 500 rose 0.2 percent to 1,379.85. The Nasdaq composite rose 0.3 percent to 2,904.87.

Benchmark oil for December delivery rose 2 cents to $86.09 in electronic trading on the New York Mercantile Exchange. The contract rose 98 cents to finish at $86.07 per barrel on the Nymex on Friday.

In currencies, the euro rose to $1.2729 from $1.2713 late Friday in New York. The dollar strengthened slightly to 79.47 yen from 79.45 yen.


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