Bloomberg Asian Stocks Drop as Japan’s Economy Shrinks; Brambles Tumbles

Feb. 16 (Bloomberg) -- Asian stocks fell, led by finance and material companies, as Japan’s economy shrank the most since 1974 and Group of Seven finance chiefs said the economic slowdown will persist through most of 2009.

Takefuji Corp., a consumer lender, sank 7.8 percent after reversing a profit forecast to a loss and as a government report showed Japan’s gross domestic product contracted 12.7 percent in the fourth quarter. BlueScope Steel Ltd., Australia’s largest steelmaker, fell 4.2 percent after raising less than expected in a share sale. Brambles Ltd., the world’s biggest supplier of pallets used to move and store goods, slumped 12 percent in Sydney as first-half profit declined. more...