2014.04.2503:17:16UTC+00Asia Stocks Outside Japan Pulls Back as Wheat Mounts on Ukraine

Asia stocks outside Japan retreat, pulling down the regional benchmark index on its weekly sag down. The yen slide lower after inflation data while wheat soar and nickel trimmed down the largest monthly hike since 2012 as the U.S. warned Russia of an “expensive mistake” in Ukraine.

Hong Kong’s Hang Seng Index relinquished 0.8 percent by 11:44 a.m. in Tokyo, with the MSCI Asia Pacific Index marching to a 0.4 percent drop for the week. Japan’s currency gave up as much as 0.2 percent, triggering a 0.7 percent climb by the Topix index. Wheat futures advance for a fourth day, increasing 0.4 percent as soybeans and corn rose at least 0.3. Nickel surrendered 0.3 percent to $18,328 a metric ton in London, and is marching toward for a 15 percent increase this month amid supply concerns.

U.S. Secretary of State John Kerry said Russia will be making a “grave mistake” if it doesn’t change course in Ukraine. Russia is the world’s No. 5 wheat exporter, followed by Ukraine. Tokyo’s consumer financial values increased 2.7 percent in April from a year earlier, the largest leap since 1992, pushed by a sales-tax hike and unprecedented stimulus from the Bank of Japan.

“We need to keep a watch on geopolitical risk,” said Juichi Wako, a Tokyo-based equity strategist at Nomura Holdings Inc., the nation’s biggest brokerage.

The Kospi index in Seoul plummeted 0.5 percent, while Taiwan’s benchmark index sank 1.1 percent. Markets and Australia and New Zealand are closed for a holiday.

The Shanghai Composite Index fluctuated between advances and declines. Kweichow Moutai Co., the country’s largest producer of baijiu liquor, tumbled 5.8 percent after first quarter earnings development dive down. The firm joins other global makers of premium spirits including Pernod Ricard SA, Diageo Plc and Remy Cointreau SA in reporting declining sales amid a crackdown on extravagant spending among mainland officials.

U.S. Profits

Standard & Poor’s 500 Index futures were slightly altered today after the gauge inched up 0.2 percent in New York in almost a record. Equities spiked higher in the U.S. as profits from Caterpillar Inc. to Apple Inc. surpassed projections, with data on services and consumer confidence in the world’s biggest economy due later today.

The yen relinquished 0.1 percent to 102.4 per dollar after skyrocketing 0.2 percent yesterday.

Nickel is dropping lower for a second day after achieving a 14-month high during yesterday’s trading. The metal’s 14-day relative strength index has been over 70 since April 9, a position indicating an impending backslide to some analysts who study technical charts. The metal soared 32 percent this year, the most among the six main metals exchanged on the LME, on concern that global supplies will be disrupted as tensions escalated in Ukraine and Indonesia’s ore export ban stays firm.