BANGKOK-- Asian stock markets fell Thursday after Spain, the fourth-largest euro economy, was slapped with a two-notch credit downgrade and the U.S. earnings season opened with a whimper.
*Nifty futures on the Singapore Exchange. *Asian shares tracked Wall Street lower on Thursday as weak forecasts from U.S. corporate bellwethers underscored concern over global demand, particularly from China, and kept oil and other commodity prices under pressure.
HONG KONG Oct. 11, 2012-- Standard& Poor's Ratings Services today assigned its' BB' issue rating to a proposed issue of U.S.-dollar-denominated seven-year senior unsecured notes by Longfor Properties Co. Ltd.. At the same time, we assigned our' cnBBB' Greater China regional scale rating to the proposed notes.
Mitsui Fudosan Co Ltd slipped 1.2 percent to 1,552 yen after trading as low as 1,518 yen, while Mitsubishi Estate Co Ltd eased 1.1 percent to 1,518 yen after falling as much as 1,488 yen. Yaskawa Electric Corp slipped 0.8 percent to 509 yen after J.P. Morgan lowered its price target on the electric motor maker to 575 yen from 660, citing weak market conditions.
*KDDI climbs after J.P. Morgan lifts price target. TOKYO, Oct 11- Japan's Nikkei average fell to its lowest in two months on Thursday, losing ground for a third straight day on mounting concerns that upcoming quarterly corporate earnings will be weak after the U.S. results season got off to a slow start.
*S&P downgrades Spain; Brazil and South Korea cut rates. TOKYO, Oct 11- The IMF prodded the world's rich countries for swifter action on Thursday as Europe's debt crisis drags on while the United States and Japan show scant progress handling their budget deficits.
*Lenovo shares rise nearly 2 pct in Hong Kong trade. SAN FRANCISCO/ HONG KONG, Oct 11- China's Lenovo Group Ltd edged out Silicon Valley icon Hewlett-Packard Co to become the world's No. 1 PC maker in the third quarter, according to data released by research house Gartner on Wednesday.
OTTAWA, Oct 10- Canada should allow China's state-owned CNOOC Ltd to buy Canadian oil company Nexen Inc, a former central bank chief said on Wednesday, brushing aside arguments that oil is a "strategic" resource off-limits to foreigners.
SAN FRANCISCO, Oct 10- Google Inc Executive Chairman Eric Schmidt expects more than a billion mobile devices around the world to be running its Android software within a year, intensifying a battle with Apple Inc. Google and Apple were once close partners, with Schmidt serving on Apple's board during part of his tenure as Google CEO.
As the Greek government contemplates shedding state-owned assets to help pay down staggering debts, it could consider leasing or even selling the rest of the port to China, the New York Times reports.
TOKYO-- The head of the International Monetary Fund on Thursday called for urgent action to tackle Europe's debt problems and an approaching fiscal crisis in the U.S., warning that the struggling world economy is already falling short of even pessimistic expectations.
KUALA LUMPUR, Oct 11- The global economic doldrums may have weighed on businesses around the world, but in Malaysia a luxury hand-crafted carmaker struggles to keep up with demand as orders pour in from China and the Middle East.
MELBOURNE, Oct 11- Australian shares recovered from session lows to be down 0.3 percent on Thursday, paring steeper losses after data showed a jump in jobs in September and more people looking for work.
Yaskawa Electric Corp slipped 0.8 percent to 509 yen after J.P. Morgan lowered its price target on the electric motor maker to 575 yen from 660, citing weak market conditions. "While we think the company is likely to lower guidance when reporting 1 H results on Oct. 17, we expect only a limited negative reaction by the stock price," J.P. Morgan said in a report.
HONG KONG, Oct 11- These are some of the leading stories in Hong Kong newspapers on Thursday. --Poly Real Estate Group has acquired a commercial-residential block in Shanghai's centre for 4.5 billion yuan, the highest price for a site in the city this year.
China's top four state-owned banks extended 166 billion yuan ($26.42 billion) in new loans in September, down from 220 billion yuan the previous month, the 21st Century Business Herald reported on Thursday.
BANGKOK, Oct 11- Following is some company-related and market news which could have an impact on the local market on Thursday. --ADVANCED INFO SERVICE PCL, TOTAL ACCESS COMMUNICATION PCL, TRUE CORPORATION PCL. >Blue chips Chevron, Alcoa lead Wall Street's sell-off.
*Car parts maker Tokai Rika sags after Toyota recall. *Shin-Etsu Chemical rises after Nomura upgrade. TOKYO, Oct 11- Japan's Nikkei average fell to its lowest in two months on Thursday, losing ground for a third straight day on mounting concerns that upcoming quarterly corporate earnings will be weak after the U.S. results season got off a slow start.
HONG KONG, Oct 11- Hong Kong shares are set to open lower on Thursday, tracking weakness on Wall Street after U.S. corporate bellwethers warned about slower global demand, especially ebbing growth in China. The Hang Seng Index was seen opening down 0.5 percent at 20,813.1 points. Keywords: MARKETS HONGKONG CHINA STOCKS/ URGENT.
SHANGHAI, Oct 11- Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday. --China's Central Huijin Investment said it has raised holdings in China's "big four" banks, including Industrial and Commercial Bank of China Ltd, in the secondary market.