Asian Stocks Decline as Commodity Prices, Shipping Rates Drop

July 6 (Bloomberg) -- Asian stocks declined as commodities prices and shipping rates dropped amid concern the global economic recovery will falter.

BHP Billiton Ltd., the world’s biggest mining company, dropped 1.7 percent after metals prices fell. Mitsui O.S.K. Lines Ltd., Japan’s second-biggest shipping line by sales, sank 2.4 percent after shipping rates slumped 4.1 percent on July 3 in London. Inpex Corp., Japan’s largest oil explorer, fell 2 percent after crude oil prices declined.

“There’s a tug of war going on as the focus shifts to the outlook for individual companies,” said Tomochika Kitaoka, a senior strategist at Mizuho Securities Co. “Right now, the market is waiting for some data to provide it with direction.” (more)