Asian Stocks Fall as Oil, Metal Prices Decline; Woodside Petroleum Drops

Asian stocks fell, dragging the regional benchmark index from a more than two-year high, as oil and metal prices retreated.

Woodside Petroleum Ltd. declined 5.3 percent in Australia after Royal Dutch Shell Plc sold a 10 percent stake and as crude oil prices slipped for a second day. BHP Billiton Ltd., the world’s No. 1 mining company, lost 1.2 percent after oil and metal prices slid. Canon Inc., the world’s largest camera maker which climbed 7.4 percent in the past four days, lost 0.8 percent in Tokyo on concerns a stronger yen versus the dollar with weigh on exporters.

The MSCI Asia Pacific Index slipped 0.2 percent to 134.99 as of 9:34 a.m. in Tokyo. About three stocks fell for every two that advanced on the nearly 1,000 member gauge. The measure rose 4.6 percent in the six days through yesterday where it reached its highest level since July 2008.

Futures on the Standard & Poor’s 500 Index lost 0.4 percent today. The index slid 0.2 percent yesterday, as a five-week rally left the gauge at the highest valuation since May and concerns over Irish debt curbed demand for riskier assets. U.S. stocks rallied last week as the Federal Reserve announced a $600 billion bond-purchase plan, employment increased more than forecast and midterm elections produced a divided Congress.