TOKYO: Asian stocks swung between gains and losses as a European Union summit highlighted differences among leaders over how to fight the region’s debt crisis.
Canon Inc., the world’s biggest camera maker that gets 31% of its revenue in Europe, lost 1.9%. Mizuho Financial Group Inc. rose 0.9%, leading Japanese banks higher. Goodman Fielder Ltd. climbed 3.5% in Sydney after Cargill Inc. confirmed its interest in buying the oil and fats units of Australia’s biggest baking company.
The MSCI Asia Pacific Index added 0.1% to 112.14 as of 9:32 a.m. in Tokyo before the Hong Kong market opened. It fell as much as 0.3% earlier. Six of the 10 industry groups rose.
“The market is right now confused and obviously worried about whether Greece will end up leaving the euro or not,” said Nader Naeimi, a Sydney-based strategist at AMP Capital Investors Ltd., which manages almost $100 billion. “The market is pretty convinced Greece will leave at some stage, but the big difference is if their exit will be orderly or disorderly, and an orderly exit has already been priced into the market.” (Bloomberg/T07)
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