Oct. 13 (Bloomberg) -- European stocks fell from a 10-week high, while copper led a decline in commodities on concern earnings and economic growth will slow amid the region’s debt crisis. Asian shares rallied a sixth day after China took steps to help smaller companies.
The Stoxx Europe 600 Index slid 0.4 percent as of 8:07 a.m. in London, after closing yesterday at the highest level since Aug. 4. Standard & Poor’s 500 futures were little changed. The MSCI Asia Pacific Index rose 1.2 percent. Oil lost 0.7 percent in New York and copper sank 1.6 percent. The euro weakened 0.3 percent to 106.26 yen, while the Australian dollar and South Korean won climbed to three-week highs.
Carrefour SA said today profit may fall as much as 20 percent this year and analysts predict JPMorgan Chase & Co. will report a 10 percent decline in net income. European Commission President Jose Barroso will speak today in Brussels after calling yesterday for a “coordinated approach” to recapitalize the region’s banks. China unveiled a package of measures to help small companies, including tax breaks and easier access to bank loans, as data on exports signaled slowing economic expansion.
“The market over the next few days may be due for a bit of a correction as we’ve had many days of gains,” Mohammed Apabhai, head of Asia trading at Citigroup Inc., said in a Bloomberg Television interview in Hong Kong. “If things do go wrong, markets remain massively vulnerable, but we’re not expecting that. Of course everything hinges on what comes out of Europe.”
The Federal Reserve said in minutes released yesterday some officials wanted to keep further asset purchases as an option to boost the economy last month.
--With assistance from Rishaad Salamat in Hong Kong, Elffie Chew in Kuala Lumpur, Candice Zachariahs in Sydney, Kristine Aquino and Katrina Nicholas in Singapore, and Richard Dobson and Irene Shen in Shanghai. Editors: Shelley Smith, Lars Klemming
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