国际英语新闻：Most stocks decline in Europe, Asia

BEIJING, March 11 -- Most European stocks fell and Asian shares slumped as commodities producers and technology companies retreated on concern the U.S. economy has entered a recession.

    US index futures rose on speculation the Federal Reserve will accelerate interest rate cuts to spur growth.

    BHP Billiton Ltd, the world's biggest mining company, dropped with metal prices. Sony Corp, which gets a quarter of its electronics sales from the United States, and automaker Nissan Motor Co sank in Tokyo as the yen climbed to an eight-year high.

    Europe's Dow Jones Stoxx 600 Index pared an earlier decline as investors bought shares of companies less tied to economic swings such as utilities and makers of household goods.

    The MSCI World Index lost 0.2 percent to 1408.56 as of 11:35 am in London.

    The measure is down 11 percent this year on concern the collapse of US subprime mortgages and a slowdown in the world's largest economy will curb profit growth, while futures on the Standard & Poor's 500 Index added 0.3 percent.

    Profits at S&P 500 companies are expected to shrink this quarter and next, according to analysts' estimates compiled by Bloomberg.

    Rise expected

    Earnings for companies in the Stoxx 600 will probably rise only 3.3 percent this year, down from 11 percent predicted at the end of 2007, Bloomberg data show.

    The Stoxx 600 was little changed, with about three stocks declining for every two that advanced.

    The measure earlier fell as much as 1 percent.

    The MSCI Asia Pacific Index slumped 1.6 percent to 137.34, the lowest since Jan 22.

    Malaysia's benchmark stock index tumbled the most in a decade as the ruling coalition lost its two-thirds majority in parliament, while Japan's Nikkei 225 Stock Average fell to the lowest in more than two years.

    BHP Billiton decreased 4.2 percent to 1,524 pence.

    Rio Tinto Group, the mining company that is the object of a takeover bid by BHP Billiton, sank 4.6 percent to 5,364. Antofagasta Plc, the copper producer controlled by Chile's Luksic family, retreated 5.3 percent to 745 pence.

    Copper for delivery in three months slid as much as 1.6 percent to $8,405 a metric ton in London. Nickel, lead and zinc prices also fell.

    Dollar down

    The dollar traded as low as 101.98 yen in Tokyo. A weaker dollar cuts the value of repatriated profit from the US for overseas companies.

    Sony, the world's second-biggest maker of consumer electronics, tumbled 5 percent to 4,380 yen, the lowest since December 2005.

    A 1 yen change against the dollar affects Sony's operating profit by 6 billion yen ($59 million) a year, the company said.

    Nissan, which gets 44 percent of its operating profit from North America, slid 3.6 percent to 863 yen.

    Traders are betting the US central bank will lower interest rates by at least 75 basis points as a growing number of economists predict a recession.

    Futures on the Chicago Board of Trade show traders now see a 98 percent chance of a 75 basis point interest rate cut this month with the remaining odds on a larger reduction.

    The contracts showed no chance of the bigger move a week earlier.